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.

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