By Mill Chart
Last update: Mar 13, 2023
BP PLC-SPONS ADR (NYSE:BP) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:BP.
ChartMill assigns a proprietary Technical Rating to each stock. The score is computed daily by evaluating various technical indicators and properties. The score ranges from 0 to 10.
We assign a technical rating of 9 out of 10 to BP. This is due to a consistent performance in both the short and longer term time frames. Also compared to the overall market, BP is showing a nice and steady performance.
Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:BP currently has a 7 as setup rating:
Besides having an excellent technical rating, BP also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is a resistance zone just above the current price starting at 39.85. Right above this resistance zone may be a good entry point.
A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.
Of course, there are many ways to trade or not trade NYSE:BP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.
Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.
BP PLC-SPONS ADR
NYSE:BP (4/23/2024, 7:04:01 PM)
After market: 39.37 +0.08 (+0.2%)39.29
+0.38 (+0.98%)
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