BP, British Petroleum

Have not even looked at this one for a while. The former CEO’s comments yesterday reminded me. Last time, on July 16th I opined that the stock should not trade below $34 and that a reasonable target would be about $47. We got to $44, give or take, and I would sell here and just watch what happens next. This stock could be in a new bull market but unfortunately the action from the lows looks a lot more corrective than impulsive. Here is the chart.

BP nov 2010

Apart from the less than promising EW pattern, the and MACD are turning down.

See also May 27th blog!