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BP could end 2016 above 500p per share says Zak Mir

BP Plc could see another leg up and close out 2016 above 500p per share, according to technical analyst Zak Mir.
In a Tip TV segment for Proactive Investors the chartist highlights the positive trend in the oil supermajor’s share price since June, thanks in part to steadier oil prices and the Brexit boost on the US dollar.
He says the base of the trend channel is 440p, while the top is presently seen up to 520p.
“We’re looking for that target on a one to two month timeframe …. the 50 day average at 464p is rising, so it looks as though we’ve got a new leg up towards 500p plus by the end of the year,” Mir says.

Quick facts: BP PLC

Price: 469.35 GBX

Market: LSE
Market Cap: £95.11 billion

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