BP resumes decline - Analysis - 02-08-2022

2022-08-02 12:26:59 GMT (Economies.com)
 

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

 
 
 
  Symbol Last Change Chg.%
0.9802
0.0147
1.5193%
1.1165
0.0345
3.1856%
19.049
0.190
1.008%
80.050
0.756
0.953%
87.96
-0.53
0.60%
1664.495
19.135
1.163%
 
 
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