BP Breaking Out?

Published on Thursday, 09 February 2012 09:12 Written by TradersHuddle Wire

New York, February 9th (TradersHuddle.com) - Shares of BP plc (NYSE:BP) closed the trading session at $46.97 just above calculated resistance at $46.91 moving to what appears to be a new range, as this move will clearly raise the attention of momentum buyers.

BP plc (NYSE:BP) is an oil and petrochemicals company. The integrated oil company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP was founded in 1889 and is headquartered in London, UK.

BP's stock was trading in a well defined range with support at $42.84 and resistance at $46.91, given that this range was broken traders will be closely monitoring the stock