BP p.l.c. (NYSE:BP) gained 0.41% in yesterday’s session, going up from its prior closing price of $38.85 to $39.01, and has now recorded rally in 5 consecutive sessions. Many in the market will be closely watching whether this winning streak is sustainable or take a temporary pause for the next couple of trading sessions. The stock price went upward in 6 of the last 10 days and has generated 1.54% during the last two weeks. The upbeat movement of both volume and price during the recent session is interpreted as a good sign, and, overall 1.62 million more shares exchanged hands compared with prior day. In total, 4.92 M shares exchanged hands for about $191.86 million.
Inside BP’s Recent Trend
BP p.l.c. (BP) lies in the upper part of a strong rising trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $39.67 will firstly indicate a stronger raising rate. Short-term traders are predicted to see a rally of 11.13% over the course of a quarter and, with 90% chance the price will be floating in the range of $40.34 and $44.09 in this timeframe.
BP p.l.c. Technical Signals
BP has witnessed its long term and short term MA triggering a buy signal. Many traders watch for short-term averages to cross above long-term averages to signal the beginning of a uptrend. Upon corrections, the price will meet support from the averages between $38.66 and $36.80. A break down through these support points will trigger sell signals. Its pivot point low generated buy signal on Monday August 21, 2017, which calls for additional surge until the stock forms a new pivot point high. There was increase in both volume and price. This is usually interpreted as a good sign as traders widely believe rising stock should see increasing volume.
BP p.l.c. (NYSE:BP) Support And Resistance Levels
BP p.l.c. (BP) recorded volume accumulation so there will probably be a surplus of buyers at $37.70. It seems to be blessed by the accumulated volume as it meets no resistance above current level and favorable trading conditions will help the stock to show strong performance in the coming days.
BP p.l.c. (BP) Risk Assessment
The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $0.37 (0.96%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 0.79%.