It has been one of the most dramatic years for oil markets ever. From demand destruction caused by the coronavirus to the Russia-Saudi price war to US crude prices turning negative.
What does it all mean for the oil industry and ‘Big Oil’?
## Saudi Aramco and Sinopec are not traditionally part of ‘Big Oil’ but they are huge global players worthy of being listed.
Just throwing some lines on BP (BP.) and it is clearly trending downwards over 20 years.
I have been checking how various stocks were affected by the 2009 crash.
BP experienced a sharp correction in Oct 2008 and June 2010. However feb 2016 was another low point.
This forms a preety much parallel gently downward sloping channel.
This is indicated as reference for...
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....
With oil prices sustaining higher prices, I am looking for profit margins to increase for BP.
I have used the Fib extension tools confluencing with Major resistance levels for some price targets.
These price targets may seem far fetched but as long as WTI and Brent hold above a 8% deviation I think its possible.
BP has broken out of a flag pattern.However, is going negative in the coppock curve. Also, the total revenue has been the same for a while now. Im going to be relying on volatility. If its short it will be only short-termly i believe and if it is Long then short-term increase followed by pull-back then increase until Q4. Also, the moving average is providing...