BP under pressure
Nicolas Suiffet April 28, 2020 3:42 AM
BP, the oil giant, posted 1Q results. From a chartist point of view, the trend remains bearish
BP, the oil giant, posted 1Q results: "Underlying replacement cost profit for the first quarter was $0.8 billion, compared with $2.4 billion for the same period a year earlier. The result reflected lower prices, demand destruction in the Downstream particularly in March, a lower estimated result from Rosneft and a lower contribution from oil trading.
From a chartist point of view, the trend remains bearish. The bearish gap opened on the 9th of March still maintains a downward pressure. The stock price struck against its resistance at 371 pence and is reversing down. Bollinger band are narrowing. Readers may want to consider the potential for short trades below horizontal resistance at 371 pence. A break below 284 pence would validate a new bearish signal and would call for a drop towards 222.9 pence.
Only a push above the resistance zone 371 – 392.5 pence would invalidate the bearish bias and would call for a reversal up trend.
Source : GAIN Capital, TradingView
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