BP near Support

Published on Wednesday, 01 September 2010 06:48 Written by Christopher Lynn

New York, September 1st (TradersHuddle.com) - Shares of BP plc (NYSE:BP) are trading very close to calculated support at $34.16 with current price action closing at just $34.83 places the stock price near levels where traders will start paying attention.

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 current stock range is defined by current calculated support defined at $34.16 and by the resistance level at $41.59, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to BP's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $41.59 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.