BP..L pushes through 20-day moving average

BP (BP.L) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team


BP..L rallies 2.13% on high volume
BP..L pushes through key resistance level
BP..L dominated by bulls lifting the market higher throughout the day
BP..L pushes through 20-day moving average
BP..L ends the day on a bullish note closing near the high of the day


BP.. L finished Thursday at 585.50 surging £12.20 (2.13%) on high volume. This is the biggest single day gain in over a week. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 580.10, the stock confirms its breakout through the previous session's high having traded £6.40 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (BP.L as at Jun 14, 2018):

Daily technical analysis candlestick chart for BP (BP.L) as at Jun 14, 2018

Thursday's trading range was £17.60 (3.08%), that's far above last trading month's daily average range of £10.59. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. In spite of a weak opening BP managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Breaking through the key resistance level at 581.20 today, it is now likely to act as support going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 20-day moving average at 578.29 today for the first time since May 30th.

Buying could speed up should prices move above the nearby swing high at 591.00 where further buy stops might get triggered. With prices trading close to this year's high at 593.30, upside momentum could accelerate should the share be able to break out to new highs for the year.

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