By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for August 4, 2010
BP plc (BP) Support & Resistance Levels - 8/4/10
Resistance Levels: $40, $40.61, $45.57
Support Levels: $37.99, $35
Chart - http://www.stockcharts.com/
Support Levels: $37.99, $35
Chart - http://www.stockcharts.com/
BP Plc (BP) closed right at $40 on Tuesday and the company is reporting that the static kill has been successful this morning. BP has major resistance located at $40 as well as $40.61 and we are seeing that this morning as the stock is trading at $39.31 per share. BP stock has support on the downside at the 10 day moving average which is $37.99. If BP would drop and close below this level for some reason, I'd look for a retest of the 50 day moving average located at $35. BP would then be a strong buy down there. If BP can close above $40, I think it will make a steady rise back to the $45 level.
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