BP PLC (BP) : 5 Times Resistance

Saw on the newspaper that BP strike oil.

I was curious and noticed that its share prices did not seem to react much to such news.

Apart from the March rally, we can actually see that the price since July is a little bit choppy. There’s a few gaps in between and then i reverse and drop. Seems to me that it is running out of breadth.

On the Ichimoku Chart, we have just seen a Bullish cross with volume picking up in the last 2 days. However, the price action is not convincing.  It does not surge as high and did not break through the high this year.

I believe BP will continue to trade within a range of 45 – 52.

2009Sep-BP PLC-800x600

By iam802

Trend trading with Ichimoku