Full disclosure, I already entered my position last Friday mornings dip after researching charts for my next swing trading move the night before.
I noticed BP's 3 month chart was at its previously tested resistance levels, and dug a little deeper noticing rocketing crude oil prices and found that bp just reported their first loss in earnings in a decade.
Hardly surprising.
I looked at Royal Dutch Shell and Exxon too and out of the 3 companies BP looked to me to be the most undervalued and thats why I'm in. Wouldn't be at all surprised to see this one up 10% by the end of the week and >50% by the beginning of summer. BP have a large dividend coming mid-feb too.
Exxon and Shell rallied last Friday while BP lost a further 1%. BP is out of favour with Oil company investors for their green energy commitments which in my opinion just makes them even more of a bargain right now for the short to mid-term trader. Demand for oil will soon be back and I can't see crude oil prices slowing down just yet.
Would be interested to hear anyones thoughts.
Submitted February 07, 2021 at 07:49PM by Dan8357 https://ift.tt/39U8JPw
