BP shares (NYSE:BP) are not attractive right now because the market has been quite choppy. It is better to stay aside until the market assumes a directional movement.
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.
Price recently went above the EMAs, which were also trying to assume an upwards slope. Right now, price has retraced through the EMAs 10, 20 and 50. As long as the EMA 200 is not breached to the downside, the bullish outlook on the market would be valid.
A neutral bias could be assumed until price goes below the EMA 200, generating a “sell” signal, OR until it goes above the EMA 50 (and possibly the EMA 20), thereby renewing the weak bullish signal in the market.
Time would tell this year, what would eventually happen to BP PLC.
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