By Mill Chart
Last update: Sep 23, 2022
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.
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.
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.
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.
BP PLC-SPONS ADR
NYSE:BP (4/25/2024, 11:42:59 AM)
39.515
+0.17 (+0.44%)
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