BP Plc. stock (NYSE:BP) was a massive bull market from October 2017 to January 2018. However, the market experienced a large pullback in February and began to move downwards. There was a massive drop in early February, and market has been volatile since then, as it moves sideways in the context of a downtrend.
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 EMAs 10, 20 and 50 are sloping downwards, denoting a short-term bearish propensity. However, the long-term bias has not become bearish because a Death Cross is yet to occur, i.e. the market is yet to cross the EMA 200 to the upside.
Should the EMA 200 get crossed to the downside, the long-term outlook for BP would turn bearish. In case the market is able to go significantly upwards from here, the long-term outlook would become bullish.
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