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Tuesday, August 3, 2010

BP plc (BP) Stock Analysis - 8/3/10

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for August 3, 2010

BP plc (BP) Support & Resistance Levels - 8/3/10

Resistance Levels: $40, $40.61, $45.57

Support Levels: $37.51, $35

Chart - http://www.stockcharts.com/

BP Plc (BP) stock continues to trade above the 10 & 50 day moving averages which is very bullish. BP will have resistance located at $40. As soon as BP breaks and closes above $40, I think the stock can run back to $45. On the downside, BP has support at the 10 day moving average now located at $37.51. For a trade, I'd be buying pullbacks to this level.

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