Failure to hold above the rising trend line amid the bearish price RSI divergence on the weekly chart and a bearish crossover on the weekly MACD suggests potential for a sell-off to last week’s low of 432.15. On the higher side, only a weekly close back above the rising trend line would signal short-term bearish invalidation.
Well, it's that time of the month, another put sale on BP. I would not be scared to own shares down here. DCA is already lowered by about $1.00
Sell at resists buy at supports, break s/r wave zones further low
Looking at BP back to November of 2015 to now....looks like a cup and handle pattern is really starting to take form here. Anyone else seeing this or think otherwise?
ONCE AGAIN.. :-) Dean is looking to do an Oct $35 #coveredcall for about .40 which I think is also pretty nice. Looking for the put sale to expire before earnings and I might do one over earnings, NOV wk 1 or something around $30, depending. I wouldn't be afraid to own shares of BP. A lot of traders like this one long term. Just a boring, small income strategy....
Still love this stock for the long haul. Owning down here would not scare me.
For anyone who wants to own shares of BP, I think this is a good level. Getting exercised at $36 and buying again at $32 would not be a terrible thing. Let's see how she moves!
BP approves final investment decision on $8B Indonesian LNG project 7% dividend
BP has been slowly moving up with the price of oil since April. This has not yet destroyed the long term bearish momentum on the Monthly timeframe where the downward trend is still intact. Price has now gotten to the top of the Weekly cloud to contain the overall long term bearish trend. At this point it's a "line in the sand" to determine long term sentiment...
Look guys, this is the same Fib retracement that has HELD since the Jan-Feb selloff. Do not take my word for it. Look at my previous predictions, load the new data, and see how much money was made. MPC has had a history of bucking the market. When SPX was down 2%, this was down 7%. When SPX was up 3%, this was up over 8.5%. This is a lower liquidity, higher...
As bearish as I was on BP back in Jan/Feb... I still loved being long BP and wanted more (if it went to $20) So, many of us have shares. I won't mind getting called away at $36 if it happens. Today is a nice bullish gap on BP. Expecting it to go a tad higher. Looks like I'll lose the wager. (YEAH) Bing bong boom
Newsome is MAKING A WAGER... let's tune in. I think BP reaches $26.87 in the 4 weeks and then before Sep goes lower along with energy. $35 was THE SUPPORT that it should not have broken.
I know this is a monthly chart. I don't specifically think it happens over a 4 year period, however, this is a fun "core" kind of stock to trade and own. I discuss BP in here too: reallifetrading.com
Renewed offered tone around the single currency keeps EUR/GBP on a weaker footing at the beginning of the week. The pair was rejected at day's highs by 0.7205 Rally in the cross post ECB was capped below the daily cloud supporting a resumption of the downtrend. Breaks below 0.7175 (38.2 % Fibo of Oct 13 to Nov 17 fall) could take the pair lower to 0.7100...
$35 is an amaizng support. WE do have a nice and strong lower trend line but I like this stock and location for a longer term perspective.
waiting for new range to form, watching various supports, and small cap oil companies will be the real money makers on the next bull leg