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Tuesday, August 31, 2010

BP plc BP Stock Drops Below $35

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for August 31, 2010

BP plc (BP) Support & Resistance Levels - 8/31/10

Resistance Levels: $35.71, $40

Support Levels: $34, $32.50

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

BP plc (BP) stock is dropping below $35 again today as the stock market is weaker. BP remains a buy below $35 for the long term. BP has support located at $34.16 followed by $32.50. If BP closes below $32.50 at any time, I'd look to add to my long position around $30. I wouldn't be buying BP over $35 at all. As you can see, the 10 day moving average is getting ready to break down through the 50 day moving average, a bearish signal as far as technicals go. Bearish technicals set up great buying opportunites.

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