BP May Face Upward Pressure
Energy stocks have been running lately. One big name has lagged but may play catch-up: BP.
The first pattern on today’s chart is the $37.36 level. It was the opening price on May 2 when the stock gapped lower. Prices have remained below that line since, which may create the potential for a breakout if resistance gives way.
Second, May ended with a false breakdown under the March low of $34.14. Next came a series of higher weekly lows. Are buyers lurking near the current range?
Third, BP reclaimed its 50- and 200-day simple moving averages (SMA) almost a month ago. The 8-day exponential moving average (EMA) has also remained above the 21-day EMA. Those signals may indicate the short- and long-term trends are getting more bullish.
Finally, BP may resemble Home Depot on June 21. It was also quiet as the broader housing group surged, only to break resistance and trend higher.
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The first pattern on today’s chart is the $37.36 level. It was the opening price on May 2 when the stock gapped lower. Prices have remained below that line since, which may create the potential for a breakout if resistance gives way.
Second, May ended with a false breakdown under the March low of $34.14. Next came a series of higher weekly lows. Are buyers lurking near the current range?
Third, BP reclaimed its 50- and 200-day simple moving averages (SMA) almost a month ago. The 8-day exponential moving average (EMA) has also remained above the 21-day EMA. Those signals may indicate the short- and long-term trends are getting more bullish.
Finally, BP may resemble Home Depot on June 21. It was also quiet as the broader housing group surged, only to break resistance and trend higher.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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