BP stock (NYSE:BP) has begun a clear downward movement. The sell signal
is still fresh and the market has much more room to go downwards.
Last month, price moved briefly below the lower Trendline, moved above
it, and eventually moved below it this month (as price could not reach the upper
Trendline, not to mention breaking it to the upside).
The RSI period 14 is also currently below the level 40, pointing towards
the level 30. The signal in the market is very bearish.
BP is expected to continue sliding downwards towards the support levels
at 35.00, 30.00 and 25.00 within the next several months.
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Trading realities: Trading realities
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