BP - Head and shoulders top forming?

LSE:BP.   BP PLC $0.25
SELL – BP ( BP .)
BP p.l.c. is an integrated oil and gas company. The Company owns an interest in OJSC Oil Company Rosneft ( Rosneft ), an oil and gas company. The Company's segments include Upstream, Downstream, Rosneft , and Other businesses and corporate.

BP’s second quarter earnings came in flat as increased production offset lower oil prices. According to CEO Bob Dudley, “BP is right on target”. The initial reaction to the results was positive although this quickly reversed sending the shares sharply lower. Increased tensions with Iran and oil tankers being seized has not done much to the oil price, this may be suggesting that prices are high enough and that there is enough oil in circulation to match current demand.

Best Broker Target Price: 700p (Barclays 04/04/2019)
Worst Broker Target Price: 590p (Deutsche Bank 06/02/2019)

Technical Analysis
BP has closed below trend support that began in early 2016 on the weekly chart. This also took out horizontal support at 525p in the process. The shares attempted to rally in the following week only for the shares to be sold down again to form an inverted hammer candle. There is potentially a bigger threat forming in the shape of a head and shoulders top. The neckline of the pattern comes in at around 500p. A break of this level could trigger a deeper corrective move towards the 50%, 61.8% & 78.6% Fibonacci retracement levels over the medium term.

Recommendation: Sell between 500-530p
Stop: 570p
Targets: 456p, 421p & 372p