BP plc (BP) Stock Drops in Early Trading $36.52

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for June 1, 2010

BP plc (BP) Support & Resistance Levels - 6/1/10

Resistance Levels: $40, $44

Support Levels: $35, $31.11

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

BP plc (BP) stock is set to open up at $36.50 this morning as the oil spill situation is looking very grim. Bp stock has support located at $35 from 2008-2009 but then nothing until $31.11. If BP plc doesn't hold $31.11, look out below! I wouldn't but BP until it closes back above the 10 day moving average.

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BP plc (BP) - Top Kill, Junk Shot Not Working on Oil Spill

Shares of BP plc (BP) will most likely open up lower on Tuesday as the New York Times is reporting that the Top Kill & Junk Shot procedures are not working. Oil and Natural Gas have been spewing out of this well for the past 40 days with no end in sight. BP says they are still working hard at the Top Kill in hopes to stop the oil leak and cement the well shut.

The next step? Put in place the lower marine riser package cap. This is a containment device that would be put over the leaking well. BP has several riser package caps already made incase one doesn't work.

As for BP plc (BP) stock, it had a nice run over the last two days in hopes that the junk shot and top kill would be successful. Support is located at $40.61, a break below this would be very bearish.

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