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BP in a ‘buy trend’, but beware if it does this

Technical analyst Zak Mir tips the BP PLC (LON:BP.) share price to bounce back again after a recent slide, although there are a couple of potential warning signs for the stock which he highlights.

“We’ve been in a rising channel since the beginning of last year and currently teetering on the brink of support at around 455p,” Mir tells the Proactive Investors Bulletin Board.

“While we’re above the 200-day moving average at 440p one would regard the stock as being in a buy trend and capable of retesting the best levels of the year around 520p

“Otherwise, a break of 440p and the 200-day line could be bearish.”

Quick facts: BP PLC

Price: 469.35 GBX

Market: LSE
Market Cap: £95.11 billion

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