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
BP Plc (BP) broke above $40 on Thursday and closed above $40.61 which is bullish. BP will now have minor resistance located at $42.50 but then nothing until the May 2010 high of $45.57. BP will have support located at the 10 day moving average. If we see a pullback below the 10 day for multiple days, a bigger correction will be coming.
BP appears to have shut off the oil leak which is a positive step in retaining shareholder value.
If BP falls back to $35 at anytime, I'd be a buyer.
BP appears to have shut off the oil leak which is a positive step in retaining shareholder value.
If BP falls back to $35 at anytime, I'd be a buyer.
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