BP's sell signal: the bounce gains conviction
BP gains 4.8%, and the bounce on its sell signal grows more convincing
BP's sell signal: the bounce gains conviction
Our view last week
BP is in week 6 of a sell signal, and the week just closed up 0.7% with buying volume back at 81%. The bounce doesn't fully convince, though: the MACD histogram fell to -1.18 and CMF worsened to -0.315, the most negative reading of the past 4 weeks. Price sits between the first resistance, in the 38.4 area, and the first support, in the 37.3 area.
This week's summary
BP's bounce is gaining conviction: up 4.8% this week, with buying volume jumping to 92% and money flow narrowing by more than a third versus 7 days ago. The sell signal is now in week 7 of management, and on the weekly chart price stays boxed between the 7-day high, in the 39.4 area, and the floor just below, the 20-day moving average, in the 39.2 area: these two levels will call the next move.
IQS Phase
61
ordinary
Signal Strength
2
decline fading out
Sizing
MINIMUM
Ranking
#102 / 137
US stocks
Trade P&L %
+6.38%
from signal to today
restricted Platinum content