BP PLC-SPONS ADR is setting up nicely for a breakout.

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

After market: 28.68 +0.13 (+0.46%)

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BP PLC-SPONS ADR is setting up nicely for a breakout.9 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 2022-09-23

Zooming in on the technicals.

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.

Taking everything into account, BP scores 7 out of 10 in our technical rating. 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 may just continue or reversal may be around the corner!
  • Looking at the yearly performance, BP did better than 92% of all other stocks.
  • BP is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 50% of 379 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.
  • 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, so some resistance may be found above.

Looking at the Setup

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 8 as setup rating:

BP has an excellent technical rating and 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 support zone below the current price at 30.61, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:BP

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

More breakout setups can be found in our Breakout analyzer.


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