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Tuesday, June 18, 2019

BP begins a downwards movement


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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