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JimVanMeerten (58.52)

BP gets no respect



October 03, 2011 – Comments (0) | RELATED TICKERS: BP

BP plc (BP) just hasn't seemed to recover like the rest of the industry.  It is down almost 43% from its 5 year high and is still off its one year high by 23.29%.  The 5.93% one year loss hasn't been pretty either:


Barchart technical indicators:

1 - 72% Barchart technical sell signal

2 - Trend Spotter sell signal

3 - Trading below its 20, 50 and 100 day moving averages

4 - 23.29% off its one year high and 42.83% off its 5 year high

5 - Relative Strength Index is 43.83 and just barely increasing

6 - Barchart computes a technical support level at 35.42

7 - Recently traded at 36.88 which is below its 50 day moving average of 39.87

Summary - BP plc (BP) just can't get no respect.  Although brokerage analysts still have positive recommendations on this stock it's based more on price recovery to a former P/E ratio and less on sales and earnings increase forecasts.  With production down and Gulf lawsuits still not fully settled you might want to look at the four other sector leaders mentioned above if you want to put a bet in this sector.

Jim Van Meerten is a Marketocracy Master

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