$SPX . 1340 breached. Next target.

/ES 1340 support level has been breached since pre-market.

With this support breached, next target should be 1320 and 1306

If /ES rebound for the day, the resistance to look at includes 1340 and 1351; both of which provides good short entry with stop loss.


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