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.
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.
- Resistance levels: $40.00 and $41.33
- Support levels: $35.00 and $33.38
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