Forecasts: BP Plc, BG Group plc, Tullow Oil plc technicals suggest traders must approach with caution

An analysts conducted by Trading Central urges caution on the mixed set-up the stock's charts face in the short term:

As long as 453 is not broken down, we favour an upmove with 482 and then 495 as next targets. Alternative scenario: below 453, expect 435 and 417 in extension.

"The daily technical indicators are mixed and are calling for caution."






The BG Group plc (LON:BG) set-up is however notably more positive with Trading Central saying their pivot point stands at 995.

"As long as 995 is not broken down, we favour an upmove with 1190 and then 1350 as next targets. The daily technical indicators are reversing up and are advocating for a technical rebound," say the technical specialists.

Tullow Oil plc (LON:TLW) is meanwhile tipped for a short term rebound:

"The RSI is above 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the stock is trading under both its 20 and 50 day MA (respectively at 1174.5 and 1220.28)."

FTSE 100 trades above 6300, Barclays leads

"The FTSE 100 has traded above 6,300 during today’s session with Barclays leading the way after gaining 6.5 percent. This was on the back of news that the banking giant plans to cut annual costs by up to 2 billion pounds by fine tuning its investment bank and axing at least 3,700m jobs," says Max Cohen at Spreadex.

This came on top of the news that the bank has raised its dividend and reported a 26 percent rise in adjusted pre-tax profit for 2012.

US futures suggest caution

Commenting on the all-important US trading session Cohen says:

"US futures meanwhile are trading little changed as investors await President Obama’s State of the Union Address. Significantly, Facebook fell 2.9 percent in pre-market trading after Sanford C. Bernstein & Co cut its recommendation for the share.

"For the first time since records began in 1996, inflation has unexpectedly remained steady for a fourth consecutive month in January. Annual consumer price inflation stayed at 2.7 percent last month. There was little respite for consumers it emerged that A let-up in the pressure on the strained budgets of British households may still be some way off. Some economists predict inflation will touch 3 percent in coming months."

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