I like the current set up on BP hence why i went long in at 450p last week. On the daily chart ... MACD has a crossover indicating it has turned positive. The price came out of an oversold RSI something that it hasnt done for more than 12 months. (on the daily chart). I dont see resistance at 465p ... There was a Gap down on the 7th Feb ( Press release BP full year and 4Q 2016 results) from 478p to 463p. Its now attempting to fill that gap. If u look at the DEMA moving averages i use together with the McGuinley Dynamic (pink line)... the sp has crossed over ... this is a positive sign for me and keeps me in faith that jumping in at 450 was correct. My target price is between 500-520p and i am confident on this even holding it long term and banking the 6%+ divi. Of course if there is a market correction - technicals go out of the window but this is a pretty decent stock right now. Borgy
Agreed on BP long term prospects, I will be more confident in holding slightly longer once we have clarity around Brexit and the actual exit strategy. Whilst pound is weakening against the dollar many companies are in black due to exchange rate, however the tide will turn and pound will strengthen
Hi Nims , well done mate on hitting your price you forecast , I'm sure jmo will be on right away to apologise for ever doubting you lol!, still in Glen sticking with it for now, read yesterday bp is forecasting they only need $40 oil by 2021 for break-even , looks like you can't really go wrong on bp for divi & long term hold, may get in once I'm done with Glen, vod still in holding mode waiting on merger news ATB mate
Sorry was meant to write 10yr rsi is still below 50 as it's at 40 at mo there is still good signs of a price up, 10yr ema 200 also showing a positive move, yet my formula is not showing a new price range, lol I wanted a new price range so badly, oh well let's wait and see.
Hi mate hope all is well with you and hope you're enjoying trading glen. I just sold BP and got a good price £4.64, not huge profit bagged around £300 after fees etc... but as always I get nervous and did not want to wait for £4.65, I get the feeling I have sold early again, but i am just waiting to see now how the trump affect and Brexit will impact sp over the next few days. I am watching for another buy in opportunity in BP. Potentially at a higher sp but all good.
JMO / Borgy any help from a technical standpoint will be appreciated, in terms of where you both see next resistance, I ran the numbers this morning and £4.65 still looks like a sticking point, though the RSI is showing that
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