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Thursday, August 5, 2010

BP plc (BP) Stock Analysis - 8/5/10

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: $42.50, $45.57

Support Levels: $38.77, $35

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

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.

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