Weaker technical forecast for BP plc as stock downgraded to Sell Candidate. (Updated on August 30, 2021)

Sell candidate since 2021-08-30 PDF

The BP plc stock price fell by -0.96% on the last day (Monday, 30th Aug 2021) from $24.94 to $24.70. During the day the stock fluctuated 1.63% from a day low at $24.60 to a day high of $25.00. The price has been going up and down for this period, and there has been a -0.12% loss for the last 2 weeks. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -2 million shares and in total, 8 million shares were bought and sold for approximately $185.88 million.

The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $25.29 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -12.97% during the next 3 months and, with a 90% probability hold a price between $18.53 and $22.01 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.

Signals & Forecast

The BP plc stock holds buy signals from both short and long-term moving averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $24.46 and $24.60. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Wednesday, August 11, 2021, and so far it has fallen -5.26%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 months Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.

Support, Risk & Stop-loss

BP plc finds support from accumulated volume at $23.56 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.

This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.40 between high and low, or 1.63%. For the last week, the stock has had a daily average volatility of 1.54%.

Our recommended stop-loss: We hold an negative evaluation for this stock. No stop-loss is set.

Is BP plc stock A Buy?

BP plc holds several negative signals and we believe that it will still perform weakly in the next couple of days or weeks. We, therefore, hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Sell candidate.

Current score: -1.400

Predicted Opening Price for BP plc of Tuesday, August 31, 2021

The predicted opening price is based on yesterdays movements between high, low, and the closing price.

Fair opening price August 31, 2021 Current price
$24.77 $24.70 (Undervalued)

Sell Candidate Downgraded

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On August 06, 2021 Morgan Stanley gave rating for BP. The price target was set to $25.34+1.1%.

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