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Thursday, December 16, 2010

BP plc BP Stock Analysis - 12/16/10

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for December 16, 2010

BP plc (BP) Support & Resistance Levels - 12/16/10

Resistance Levels: $$45.57

Support Levels: $42, $40

BP plc (BP) continues to bounce above and fall below the 200 day moving average which is the current level to watch right now. BP has resistance at $45.57 but then nothing major until $46-$48. BP will see some technical buying when the stock closed back above $45.57. What is really bullish right now is the fact that the 10 day moving average is breaking up through the 200 day moving average. BP is a strong buy on pullbacks below $41. BP should hit $52-$55 sometime in 2011.

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