Will BP PLC-SPONS ADR breakout?

BP PLC-SPONS ADR (BP)       28.55   -0.2 (-0.7%)

After market: 28.68 +0.13 (+0.46%)

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Will BP PLC-SPONS ADR breakout?11 days ago - Chartmill

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.

BP Daily chart on 2022-09-21

Technical Analysis Observations

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 7 out of 10 to BP. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

  • The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
  • When comparing the yearly performance of all stocks, we notice that BP is one of the better performing stocks in the market, outperforming 92% of all stocks.
  • In the last month BP has a been trading in the 30.12 - 32.88 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
  • BP is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 47% of 381 stocks in the same industry.
  • BP is currently trading in the middle of its 52 week range. The S&P500 Index is currently trading in the lower part of its 52 week range, so BP is still doing slightly better than the market.

How does the Setup look for NYSE:BP

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 8:

BP has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is a support zone below the current price at 30.64, 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.

How to trade NYSE:BP?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this 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.


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