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Tuesday, August 24, 2010

BP plc (BP) Stock Analysis - 8/24/10

By Tim - http://stockstobuy.org

The following is BP plc (BP) stock technical analysis for August 24, 2010

BP plc (BP) Support & Resistance Levels - 8/24/10

Resistance Levels: $37, $38.35, $40

Support Levels: $34.51, $32.50

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

BP Plc (BP) stock failed to close above the 10 day moving average yesterday and is now back below $35 this morning. I view BP as a buy on anything below $36 per share and the stock is just getting beat down because of the stock market today. On the upside, the 10 day moving average is located at $37.33, rallies toward this level should be sold into. BP will also have resistance located at $40.

BP broke the $34.58 low this morning but did not drop hard after it was broken, this is a bullish sign.

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