Annual Trading Forecast on BP (2016)

PUBLISHED: Mar 23 2016 @ 19:31 | Comments (0) | More info about Azeez Mustapha

BP shares (NYSE:BP) have been very volatile for the past several months. The bullish effort that was made in October 2015 has been rendered useless by the bears. Though the volatility in the market is high, the dominant bias is bearish.

4 EMAs are used for this analysis and they are EMAs 10, 20, 50 and 200. The color that stands for each EMA is shown at the top left part of the chart. At the present, the price is in a rough equilibrium phase while the major outlook on the market is bleak. The EMA 200 shows that long trades are irrational on BP.

The current volatility in the market would continue, and it is better to stay away until the turbulence subsides. A closer look at the market reveals that the bulls are currently making some attempt to push up the price, but there would not be a “buy” signal until the EMA 200 is breached to the upside.

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