BP.L breaks below previous session low
BP (BP.L) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (BP.L as at Aug 10, 2018):
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.
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.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
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.