By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for June 18, 2010
BP plc (BP) Support & Resistance Levels - 6/18/10
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) is trading around $33 in pre market this morning, up over $1.00. BP continues to look interesting to me on a short term basis because I like the way the stock has been acting lately. BP stock held $29 on the downside and is now breaking to the upside near the 10 day moving average. While BP remains very risky due to the unknowns here, I plan to buy the stock, for a trade, if it breaks above $34.46. I think we could $35-$36.20 at the very least. Obviously I wouldn't be taking a huge position but I think this trade will be profitable for me. I will probably keep my stop very tight.
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