BP. stock (LSE:BP.) is essentially bullish, albeit moving upwards slowly and steadily. The market has been caught in the current bullish trend since February 2021, following a massive sell-off. The uptrend has been in place since then.
Price has managed to remain above the EMA 21, and the William’s % Range
period 20 is not below the level 50, though currently pointing downwards. Things
are expected to change soon, as price stays farther above the EMA 21 and The
William’s % Range period 20 would have gone into the overbought region, or
moved near it.
The outlook on BP. is bullish for this year, since the current bullish
effort would be sustained. Price will endeavor to reach the distribution
territories at 340.00, 360.00 and 380.00 by the end of this year
Azeez Mustapha
Market Analyst, Trading Signals Provider and Coach
Teach Yourself Technical Analysis: Teach Yourself Technical Analysis
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