BP.L breaks below previous session low


BP (BP.L) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
BP.L breaks key support level
BP.L dominated by bears dragging the market lower throughout the day
BP.L closes lower for the 2nd day in a row
BP.L ends the day on a bearish note closing near the low of the day
BP.L breaks below previous session low
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, BP.L ended the week -0.8% lower at 556.00 after losing £8.40 (-1.49%) today on high volume. Today's closing price of 556.00 marks the lowest close since May 25th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 564.40, the stock confirms its breakout through the previous session's low having traded £8.90 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BP.L
Volatility

Friday's trading range was £6.50 (1.16%), that's far below last trading month's daily average range of £10.30. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.

Support/Resistance

Prices are trading close to a key support level at 553.90. Breaking below the key support level at 560.40 today, it is now likely to act as resistance going forward.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling could speed up should prices move below the nearby swing low at 551.30 where further sell stops might get activated. Further selling could move prices lower should the market test July's close-by low at 550.90.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for BP
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous low TQ Pro Members Only
Bullish Spinning Top TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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