BP Technical Analysis: BP trading

Dmitry Lukashov IFC Markets

BP Technical Analysis Summary

Buy Stop։ Above 385.35

Stop Loss: Below 340.52

Indicator	Signal
RSI	Buy
MACD	Buy
MA(200)	Buy
Fractals	Sell
Parabolic SAR	Sell

BP Chart Analysis

BP Technical Analysis

The technical analysis of the BP stock price chart in daily timeframe shows #L-BP, Daily is retracing down toward the 200-day moving average MA(200) while the RSI indicator has formed a bullish convergence We believe the bullish momentum will continue after the price breaches above the last fractal high at 385.35. This level can be used as an entry point for placing a pending order to buy. The stop loss can be placed below the fractal low at 340.52. After placing the order, the stop loss is to be moved every day to the next fractal low, following Parabolic indicator signals. Thus, we are changing the expected profit/loss ratio to the breakeven point. If the price meets the stop loss level (340.52) without reaching the order (385.35), we recommend cancelling the order: the market has undergone internal changes which were not taken into account.

Fundamental Analysis of Stocks - BP

BP stock edged down after a report the company had no buyer for its Rosneft stake in Russia. Will the BP stock price continue retreating?

BP plc is a British publicly traded multinational oil and gas company. It is one of the largest oil and gas companies in the world. Company’s market capitalization is at £70.79 billion. BP stock is trading at P/E Ratio (Trailing Twelve Months) of 13.73. The company earned £156.43 billion revenue (ttm) and a Return on Assets (ttm) of 2.37% and a Return on Equity (ttm) of 9.64%. BP announced on February 28 it was immediately exiting the state-owned Rosneft stake in Russia at a cost of up to $25 billion after the start of Russia invasion of Ukraine. On Tuesday BP executives confirmed BP had no buyer for the Rosneft stake. The stock price dipped 2.2% on day after the news. The company is facing a large writedown as it will lose a large revenue stream: BP received a $640 million dividend last year from Rosneft, totaling $4 billion in dividends since 2013. Declining earnings are bearish for a company stock. However, the technical setup is bullish for BP stock price.

Want to get more free analytics? Open Demo Account now to get daily news and analytical materials.

Author

Dmitry Lukashov

IFC Markets

Dimtry Lukashov is the senior analyst of IFC Markets. He started his professional career in the financial market as a trader interested in stocks and obligations.

EUR/USD hits two-day highs near 1.1820

EUR/USD picks up pace and reaches two-day tops around 1.1820 at the end of the week. The pair’s move higher comes on the back of renewed weakness in the US Dollar amid growing talk that the Fed could deliver an interest rate cut as early as March. On the docket, the flash US Consumer Sentiment improves to 57.3 in February.

GBP/USD reclaims 1.3600 and above

GBP/USD reverses two straight days of losses, surpassing the key 1.3600 yardstick on Friday. Cable’s rebound comes as the Greenback slips away from two-week highs in response to some profit-taking mood and speculation of Fed rate cuts. In addition, hawkish comments from the BoE’s Pill are also collaborating with the quid’s improvement.

Gold climbs further, focus is back to 45,000

Gold regains upside traction and surpasses the $4,900 mark per troy ounce at the end of the week, shifting its attention to the critical $5,000 region. The move reflects a shift in risk sentiment, driving flows back towards traditional safe haven assets and supporting the yellow metal.

Crypto Today: Bitcoin, Ethereum, XRP rebound amid risk-off, $2.6 billion liquidation wave

Bitcoin edges up above $65,000 at the time of writing on Friday, as dust from the recent macro-triggered sell-off settles. The leading altcoin, Ethereum, hovers above $1,900, but resistance at $2,000 caps the upside. Meanwhile, Ripple has recorded the largest intraday jump among the three assets, up over 10% to $1.35.

Three scenarios for Japanese Yen ahead of snap election

The latest polls point to a dominant win for the ruling bloc at the upcoming Japanese snap election. The larger Sanae Takaichi’s mandate, the more investors fear faster implementation of tax cuts and spending plans.

XRP rally extends as modest ETF inflows support recovery

Ripple is accelerating its recovery, trading above $1.36 at the time of writing on Friday, as investors adjust their positions following a turbulent week in the broader crypto market. The remittance token is up over 21% from its intraday low of $1.12.