BP resumes decline - Analysis - 02-08-2022

BP's stock declined after reporting its best quarter in years amid surges in energy prices, with profits rising to $8.5 billion, above $2.8 billion last year, with the stock nonetheless falling 1.12%, or 33 cents, settling at 29.05, with trading volumes surpassing 14 million shares, above 10-day averages of 11 million shares.

The downward correctional trend dominates in the short term, while hurt by piercing the main upward trend recently, with negative pressure from the 50-day SMA, coupled with negative signals from the RSI.

Therefore we expect the stock to return lower, targeting the first support at 27.90, provided the resistance of 29.75 holds on.

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Expected trend for today: Bearish