Is BP Expecting a Break Out?
Published on Thursday, 16 August 2012 08:44 Written by TradersHuddle Wire
New York, August 16th (TradersHuddle.com) - BP plc (NYSE:BP) closed the trading session at $42.44, near its 200 day moving average set at $42.57. BP's stock action is below this level, which makes the stock difficult to be bought, as it will face resistance as it approaches its 200 day moving average.
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.
Latest price action range, defined by a peaks and troughs algorithm, placed calculated support at $39.50 and resistance at $42.62. Traders should closely monitor these levels, as they provide great reference points for the latest price action in BP.
If traders want to establish a position on BP, given that resistance could materialize as the stock approaches its 200 day moving average, a trade might materialize as the stock manages to break this important level. After the breakout, the 200 day moving average could be used as support going forward. However, until the break materializes, traders need to exercise patience.
- AT&T And America Movil To Provide Deeper National Reach For Advanced Enterprise Services Across Latin America
- AT&T 4G LTE Available In Willimantic
- AT&T 4G LTE Available In Torrington
- AT&T And The University Of Kansas Team Up To Enhance Wireless Coverage On Lawrence Campus
- AT&T 4G LTE Available In Fargo
- AT&T 4G LTE Available In Amarillo
- Benefitfocus Announces Pricing of Initial Public Offering
- Trends of China Gear Industry 2013 Analysis & Reviewed in New Research Report at RnRMarketResearch.com
- Product Launch Formula 4.0 Bonuses Total $5000 at BrianHanson.com
- Datex Presents Motorola Solutions Webinar “Is It ‘Smart’ to Use Smartphones for the Enterprise?”
Related Partner Headlines
Recent Trading Ideas
Latest Partner Headlines