BP Watch

The oil-spill guys BP p.l.c. (BP) gapped up today, trading around 3% above Thursday's close. However, volume was sharply down from the prior day, erasing any credence the rise might have.

	trend	adx	psar	pps	macd	macd trend	sto	sto trend
BP $33.71

Today's rise put the price back around the level of the prior lower low of $33.70.

BP is preparing to put off paying its dividend, according to news reports -- a political astutute but stock-price stupid move. No wonder the chart shows such mixed signals.

Greed and fear totally exposed.

Reversal Levels

• 45.57$, +35.2%
• $39.41, +16.9%
• $33.71 <== You are here.
• $29.00, -14.0%

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Disclaimer

Tim Bovee, Private Trader tracks the trades of a private trader for his own accounts. Nothing in this blog constitutes a recommendation to buy or sell stocks, options or any other financial instrument. The only purpose of this blog is to provide education and entertainment. No trader is ever 100 percent successful in his or her trades. Trading in the stock and option markets is risky and uncertain. Each trader must make trading decision decisions for his or her own account, and take responsibility for the consequences.

Abbreviations:

• psar - Parabolic Stop and Reverse
• adx - Average Directional Index
• pps - Person's Proprietary Signal
• ma20 - 20-day moving average
• macd - Moving Average Convergence-Divergence
• sto - Fast Stochastic

About the glance: The colors indicate the state of each signal.

• trend: Determined by the 5-day moving average, green for up, red for down, yellow for sideways
• adx: orange for above 30-up, blue for 20-down, purple for in the middle. Red is most prone to whipsaws
• psar, pps, macd: green for bull mode, red for bear
• sto: green for overbought, red for oversold, yellow for the neutral zone.