By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for June 17, 2010
BP plc (BP) Support & Resistance Levels - 6/17/10
Resistance Levels: $35, $36.20, $38.15, $40, $40.96
Support Levels: $29
Chart - http://www.stockcharts.com/
Support Levels: $29
Chart - http://www.stockcharts.com/
BP plc (BP) stock is bouncing on the 20 billion escrow fund news but is still trading below the 10 day moving average located at $33.77. BP stock looks very interesting for the first time due to yesterdays positive news and the fact that the stock held $29 on the downside. If BP stock can close back above the 10 day moving average and hold this level for few days, I feel it can run back to the $35-$36.20 area at the very least. Check back for more updates in the coming days. Also, if BP breaks $29 at any time, move to the sidelines.
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