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- 1 BP stock price (NYSE: BP) recovered approximately 10% from its recent swing low.
- 2 BP PLC’s stock price sustained above the 50-day and 200-day EMA.
- 3 BP stock price succeeded in breaking the $38.00 hurdle.
BP stock price (NYSE: BP) defended $35.00 support and recovered 10% (approx.) from its recent swing low. It formed a bullish continuation pattern and rose upward by forming higher high candles.
BP PLC stock price sustains above 50-day and 200-day EMA which slopes upward. It showcases that the short-term as well as long-term trend has turned bullish.
For the past few months, BP share price seems to be consolidating in the range between $34.00 to $38.00. It showed signs of long-term base formation and absorbed the selling pressure.
Recently, BP shares had a breakout of the $38.00 hurdle with high volume. It indicates fresh buyers are getting active and preparing for the next phase of the rally.
Previously, in February and April, buyers attempted to break the $41.00 hurdle to attract more participation from the investors. But due to many reasons, the attempt was not successful and the price reverted down.
After consolidating for a few months, bulls are now returning back on track. BP share price closed the previous session at $38.67 with an intraday rise of 0.42%. The market capitalization stands at $111.13 Billion.
Will BP Stock Price Hit 52-Week High Soon?
BP stock pricereversed upward and broke out of the higher range of consolidation. The recent up move looks reliable so a big rally is possible in the coming months.
Till BP share price sustains above $36.00 any short-term downfall will be easily absorbed. Presently, the stock seems to be in bulls’ grip so investors must look for opportunities to accumulate.
On the higher side, the $40.00 to $41.33 range will act as an immediate hurdle for bulls. If the buyers succeed in breaking these hurdles then a new 52-week high is possible.
BP Stock Price is in the Initial Phase of Rally
BP stock price is in the initial phase of a rally and the confidence of bulls is visible. The recent price pattern shows that some big investors had injected the money.
It shows that investors are bullish on the future outlook of the company and expecting decent returns from its stock.
BP share price formed a strong bullish candle on a weekly time frame which further boosted the confidence of investors. If buyers gave the follow-up momentum then it might test the YTD high by the end of September.
Conclusion
BP stock price (NYSE: BP) broke the higher range of consolidation and expanded upward. The up move looks reliable and buyers are returning back to track. The technical analysis suggests BP stock is bullish and might hit the new 52-week high soon.
Technical levels
- Resistance levels: $40.00 and $41.33
- Support levels: $35.00 and $33.38
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
