Show

Resistance

Swing

Daily

Gains

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>BP stock price surged 1.42% in intraday on Friday and is currently trading at £5.27.</a> </li> 
 <li> <span>2</span> <a>BP plc (LSE: BP) stock price gains as the oil prices go higher on Friday.&nbsp;</a> </li> 
 <li> <span>3</span> <a>BP stock price shows a consolidation above the £5 level.&nbsp;</a> </li> 
</ul> 
<p>The chart structure of BP stock reveals that the stock is following a rising parallel channel and is heading higher. The stock experienced some pullbacks which were bought by the buyers at the lower levels and the price moved higher forming a higher low.</p> 
<p>BP plc stock (LSE: BP) is in a bullish trend above the key exponential averages and shows positive momentum. The stock rallied after the buyers stepped in near the £4.5 level.&nbsp;</p> 
<p>The BP stock daily chart indicates that the price trend is on the side of the buyers. The price follows a bullish channel pattern over the daily timeframe. Currently, the BP share price consolidates at the upper boundary of the channel pattern where bears might look for short-term opportunities. The breakdown of consolidation may take the price to the lower boundary of the channel.&nbsp;</p> 
<p>The analysts who provide a 1-year price forecast for BP stock have a maximum target of £10.14 with a potential upside of over 92%. They also have a minimum target of £4.97 with a potential downside of 5.79%.</p> 
<h2 class="wp-block-heading" id="strong-bp-share-price-shows-consolidation-near-swing-high-strong"><strong>BP Share Price Shows Consolidation Near Swing High</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-1024x456.png" alt="" class="wp-image-170441" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-706.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: BP PLC. 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The <a href="https://www.thecoinrepublic.com/2023/09/10/bp-stock-price-analysis-bp-plc-stock-racing-toward-ytd-high/" rel="noopener noreferrer nofollow">BP stock</a> price currently trades at £38.82 and it is consolidating at a higher level. The BP share price is currently consolidating at the recent peak waiting to decide the next direction.&nbsp;</p> 
<p>The long-term outlook is bullish. However, the price may show some sideways movement or retracement in the short term. The breakout to the upside may hike the prices to the upper supply levels.&nbsp;</p> 
<h3 class="wp-block-heading" id="strong-emas-show-strength-over-the-daily-chart-strong"><strong>EMAs Show Strength Over the Daily Chart</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-1024x456.png" alt="" class="wp-image-170440" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-705.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: BP PLC. 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>The daily <a href="https://www.thecoinrepublic.com/2023/09/10/bp-stock-price-analysis-bp-plc-stock-racing-toward-ytd-high/" target="_blank" rel="noopener noreferrer nofollow">BP stock price</a> chart shows that the price trades above the key moving average of 50 and 200-day EMA. The EMAs are acting as a dynamic support for the price.</p> 
<p>The overall technical opinion rating including RSI and MACD is signaling a 56% “buy” rating with a strengthening short-term outlook on maintaining the current direction.&nbsp;</p> 
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4> 
<p>BP stock is in a bullish trend and shows positive momentum. The stock is following a rising channel and has reached the upper boundary, where it is consolidating. The price may break out to the upside or pull back to the lower boundary. The long-term outlook is bullish, but the short-term may be volatile. The analysts have a maximum target of £10.14 and a minimum target of £4.97 for BP stock in a year.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support levels:</strong> £5.13 and £4.92</li> 
 <li><strong>Resistance levels:</strong> £5.26 and £5.49</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

BP PLC (LSE: BP) Shows Gains Despite Gap-Down Opening On Friday

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