BP plc BP Stock Analysis - 2/1/11

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for February 1, 2011

BP plc (BP) Support & Resistance Levels - 2/1/11

Resistance Levels: $48.16, $50

Support Levels: $45, $44

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

BP plc (BP) is back above the 10 day moving average after the company reinstated their dividend. BP plc (BP) has resistance at $48.16 & $50 but then nothing major until $52-$53. BP will see some technical buying now that the stock has closed back above $47. BP is a strong buy on pullbacks below $45. I think BP should hit $52-$55 sometime in 2011.

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