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Trading

Should you add BP shares to your portfolio?

Pepperstone
Pepperstone
Trading Guides
3 Oct 2022
Share

Some basic information about BP

BP stands for Beyond Petroleum, formerly known as British Petroleum. They are an oil and gas company with headquarters in London.

It is one of the world’s seven oil and gas ‘supermajors’. The others are Chevron, ConocoPhilips, Eni, ExxonMobil, Shell, and Total Energies.  

BP is the 5th largest company within the FTSE100 by Market Cap.

They are transforming. Taken from their website ‘Our purpose is reimaging energy for people and our planet. We want to help the world reach net zero and improve our lives.’  They are decarbonizing and diversifying their business.

Preview

Figure 1 the london stock exchange

The bullish run from the 2020 low

BT share price has seen a bullish run of 149.12% from the October 2020 low of 188.50 to the August 2022 high of 469.60. It should be noted that BP has only missed their earnings estimate once in the last thirteen reports. The next is due on the 1st November 2022.

Preview

Figure 2 Trading View BP Shares

BP share price correlation with Oil

The chart below highlights the correlation between BP share price and the XTI Oil contract. We can clearly see correlation from the 2020 low.

Preview

Figure 3 Trading View BP correlation with XTI

A look from a technical perspective  

The weekly chart clearly highlights BP share price moving higher in a bullish channel formation. Trend line resistance is seen at 477.55, close to the current price.

Preview

Figure 4 Trading View Weekly Bullish Channel

A look from an Elliott Wave perspective and we can see the last move lower in 5-waves. This would suggest that the move higher is corrective.

Preview

Figure 5 Trading View Elliott Wave

We can also note a previous swing of low of 481.35 from the 24th of December 2018. What was support now becomes resistance. This is close to the channel resistance of 477.55.

Preview

Figure 6 Trading View BP correlation

Will this combined barrier hold back the bullish run. Will this coincide with the 1st of November Earnings Reports? Maybe a level to watch and a product to put on the watchlist.

To learn more about trading shares at Pepperstone click here.


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Pepperstone doesn’t represent that the material provided here is accurate, current or complete, and therefore shouldn’t be relied upon as such. The information, whether from a third party or not, isn’t to be considered as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product or instrument; or to participate in any particular trading strategy. It does not take into account readers’ financial situation or investment objectives. We advise any readers of this content to seek their own advice. Without the approval of Pepperstone, reproduction or redistribution of this information isn’t permitted.

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Risk warning: Trading CFDs and FX carries significant risk. Trading OTC derivatives may not be suitable for everyone so please ensure that you fully understand the risks involved and take care to manage your exposure. You have no ownership of the underlying asset. Pepperstone Financial Services (DIFC) Limited does not issue advice, recommendations or opinion in relation to acquiring, holding or disposing of OTC derivatives nor is Pepperstone a financial advisor. All services are provided on an execution only basis. Pepperstone Financial Services (DIFC) Limited only provides information of a general nature and does not take into account your financial objectives, personal circumstances. We recommend that you seek independent personal financial or legal advice.

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