Technical Picture:
BP Daily
- Correction of the downward trend
- Sequential formed a 9, signaling exhaustion of the corrective impulse
- DeMarker did not enter overbought territory
- Rejection from the trendline
- Resistance from the 65 SMA
Conclusion:
The rebound from the trendline and the 65 SMA, as well as the Sequential 9/9, signal a potential change in momentum. DeMarker did not enter overbought conditions. I expect the price to decrease and reach levels around 370.05, where it has previously found support.
Alternative:
It is possible that the price has not yet encountered strong enough resistance to change its momentum. In this case, I would expect the price to test the 23.6 Fibonacci level.
Fundamentals
There is a decline in earnings per share, which signals price drops. A continued decline in the company’s revenue and EPS is expected.
Junior Dealer George StoimenovVarchev Absolute Trader
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