US stocks · open buy, week 11
BP gains 1.4% while 3 lower highs since the September peak still cap the rally
Our view last week
BP closed the week 1% lower, ahead of the US energy ETF, which lost 3.5%, and buyers took back control of volume after a week dominated by selling. The advance still stalls below the 7-day high, in the 45.7 area, and the weekly MACD histogram shrank this week. In technical analysis terms, BP stock stays on a weekly buy signal at +5.4% since entry: one of the US stocks with an intact trend, to follow with method in swing trading.
This week's summary
BP closed the week up 1.4%, in step with the US energy ETF, and made back last week's dip. Daily price action is still losing height, though: 3 lower highs since the mid-September peak, from 47 to 45, and the 7-day high, in the 45.6 area, remains the ceiling to clear. BP stock stays among our weekly buy signals at +6.9% since entry, with the weekly MACD above its Signal line and a shrinking histogram: one of the oil stocks to follow closely in swing trading.
IQS Phase
75
in tension
Signal Strength
66
medium
Sizing
STANDARD
Ranking
#31 / 93
US stocks in progress
Trade P&L %
+6.90%
from signal to date, no stop loss
Rank position
ranks 31st among the 93 Longs already running for US stocks in our ranking, with a signal strength of 66 out of 100.
Sector context
SectorEnergy
Benchmark ETFXLE
Sector regimein positive regime
Performanceweekly +1.26% · monthly -3.50%
BP belongs to the energy sector (reference ETF XLE). The sector is classified in positive regime according to our weekly reading.
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