Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.

New Crisis Low for BP


British Petroleum (NYSE: BP) gapped down about 4% this morning (pre-market) into new low territory. Let's have a look at my long-term weekly chart work.

BP closed yesterday at 30.33 but hit a new "crisis low" at 28.95 in pre-market trading and now is trading at 29.42. My pattern analysis is warning me to expect 28 to 26 (27 optimally) prior to a meaningful recovery rally (that lasts more than 2 hours). That rally should be able to revisit massive resistance between 33.50 and 35.00, after which BP should resume its powerful and dominant downtrend on the way to 22.00.

  • Action-Oriented Trade Set-Ups in Stocks & ETFs
  • Macro Analysis of the Broader Markets
  • Detailed Technical Guidance for each Trading Idea
  • Live Interaction w/ Mike & Our Member Community
  • And Much, Much More!
Join Now! - Special Offer!
Veteran Wall Street analyst and financial author, Mike provides detailed and timely analysis and trade set-ups on a range of markets. Read more...

Have Mike's “Out Front” morning analysis delivered FREE to your email inbox twice weekly!