By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for August 5, 2010
BP plc (BP) Support & Resistance Levels - 8/5/10
Resistance Levels: $40, $40.64, $45.57
Support Levels: $38.32, $35
Chart - http://www.stockcharts.com/
Support Levels: $38.32, $35
Chart - http://www.stockcharts.com/
BP Plc (BP) broke above $40 on Wednesday but was rejected and closed back below this level. BP will now fight $40 resistance until it can finally close above this level. I still think now that BP has broken through $40, it has a real good chance of going back up to $45 but the easy money has already been made. On the downside, BP has support located at the 10 day moving average which is $38.32. If BP closes below the 10 day, I'd be a seller.
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