By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for August 29, 2010
BP plc (BP) Support & Resistance Levels - 8/29/10
Resistance Levels: $36.33, $38.35, $40
Support Levels: $35, $34, $32.50
Chart - http://www.stockcharts.com/
Support Levels: $35, $34, $32.50
Chart - http://www.stockcharts.com/
BP Plc (BP) closed above the 50 day moving average on Friday and looks to be at the start of a new uptrend. As I have been saying, BP is a strong buy below $35 and will continue to be. BP will now have major resistance located at the 10 day moving average ( currently $36.37). If BP stock can gain momentum and close above the 10 day moving average, I think it can rally back to $39-$40. Set your stops on BP at $34.15 for protection.
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