BP Steam’s shares were lost again. After picking up a series of loss for six days for a short period, the stock fell about 355 pixels, which raised new doubts about the strength of any recovery in the short term. The bounce was short -term, based on the graph, the bulls were running out of the runway unless something changed.
The collapse
The price structure draws a cautious picture:
- The main resistance remains closed at 366 pixels, the BP level has failed to scan it convincingly since mid -May
- Support is held in 342 pixels, but barely – a break below here opens a space to review 326p
- MACD is still a landfill, without a cross -sign until now
- RSI sits in 41.13, and more than OverPold is approaching but there is no – twice the purchase pressure
- Multiple failed attempts above 366p a strong signal from the supply areas
The momentum looks tired. Unless BP 366p and keep it, the price movement can be drifted to the 340-330p area in the upcoming sessions.
Merchants on the edge of the abyss after short relief pools
Last week, Green Close had some traders in the hope of stronger recovery. But the folder did not follow, and the arrow soon gave up the gains. Currently, it is a side grinding to a decrease, not the type of preparation that draws aggressive offers.
Option merchants, 350 pixels and 370 pixels are monitored. The collapse above or below the compliment of the strike may decisively tilt the feelings.
Part of external BP pressure. With oil prices declining and wider energy shares left, the sector sees less love than institutions. The basics of BP still are solid, but the market mood is cautious.
Unless crude oil stabilizes and turns the feelings of the sector, it is difficult to see BP works on its own.
Expectations
The next step is dual. Holding 342 pixels, and bulls get another snapshot in building a base. Breaking it, and 326p becomes magnet. It is clear that momentum with bears at the present time, and unless buyers appear convicted, the passive track remains open.
