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Saturday, November 6, 2010

BP plc BP Stock Analysis - 11/6/10

By Tim -

The following is BP plc (BP) stock technical analysis for November 6, 2010

BP plc (BP) Support & Resistance Levels - 11/6/10

Resistance Levels: $45, $45.62

Support Levels: $40.68, $38

BP plc (BP) is finally retesting the 200 day moving average like I have been calling for over the past few months. BP will need to close above this in order to attract more long term buyers and get some of the shorts to cover. BP has support on the downside located at the 10 day moving average (currently $41.46). I would be a buyer of BP on any major corrections below $40. Watch the BP dividend come back strong in 2011.

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