By Mill Chart
Last update: Sep 29, 2023
Our stock screener has spotted BP PLC-SPONS ADR (NYSE:BP) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:BP.
ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.
We assign a technical rating of 10 out of 10 to BP. Both in the recent history as in the last year, BP has proven to be a steady performer, scoring decent points in every aspect analyzed.
Check the latest full technical report of BP for a complete technical analysis.
Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:BP this score is currently 10:
BP has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a resistance zone just above the current price starting at 40.28. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 38.76, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for BP in the last couple of days, which is a good sign. Another positive sign is the recent Pocket Pivot signal.
A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.
This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.
BP PLC-SPONS ADR
NYSE:BP (11/22/2023, 7:04:01 PM)After market: 35.2 -0.07 (-0.2%)
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