By Tim - http://stockstobuy.org
The following is BP plc (BP) stock technical analysis for August 16, 2010
BP plc (BP) Support & Resistance Levels - 8/16/10
Resistance Levels: $39.72, $41.57, $45.57
Support Levels: $37, $35
Chart - http://www.stockcharts.com/
Support Levels: $37, $35
Chart - http://www.stockcharts.com/
BP Plc (BP) reversed nicely on Friday after hitting a low of $37.49 on Thursday. BP has resistance located at $39.79 which is the 10 day moving average and the $40 level. If BP can break back above $40 and hold, I think it has the chance to break out once again. BP will have additional resistance located at $41.59 but then nothing until $45.57. BP is a strong buy on pullbacks below $38.
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