BP..L ends the day indecisive
BP (BP.L) Technical Analysis Report for Jul 13, 2018
BP.. L ended the week -1.43% lower at 570.80 after losing £0.60 (-0.11%) today. Trading £3.00 higher after the open, BP was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was £7.60 (1.33%), that's below last trading month's daily average range of £11.61. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly 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 bearish Outside Bar.
After trading as low as 566.60 during the day, the stock bounced off the key support level at 569.20. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 578.00. After having been unable to move lower than 567.20 in the prior session, the market found buyers again around the same price level today at 566.60. After spiking up to 574.20 during the day, the share found resistance at the 50-day moving average at 573.94.
While BP.. L is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Further selling could move prices lower should the market test June's close-by low at 555.70.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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