Forecasts: BP Plc, BG Group plc, Tullow Oil plc technicals suggest traders must approach with caution
- Category: Share Price Drivers
- Published on Tuesday, 12 February 2013 13:43
- Written by Sam Coventry
Our latest technical insights into BP plc (LON:BP) suggest investors should approach the stock 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."
Newer news items:
- Barclays plc shares are still a Sell with Berenberg who see a 5BN capital shortfall at BARC - 13/02/2013 11:32
- Barclays plc continues to display concerning levels of leverage warns analyst - 13/02/2013 11:29
- Apple Inc + Facebook Inc shares remain under pressure on an intra-day basis ref. APPL and FB - 13/02/2013 10:56
- African Barrick Gold Plc: Sell ABG on 9 pct EBITDA miss as 2013 guidance disappoints - 13/02/2013 10:16
- Barclays plc : Analyst upgrades for BARC come flooding in after latest trading update (but one contrarian says Sell) ref. LON:BARC NYSE:BCS - 13/02/2013 09:30
Older news items:
- Vodafone Group Plc upgraded, BAE Systems downgraded: Latest broker guidance snap - 12/02/2013 13:30
- Barclays plc: Investors snap up BARC shares as investment banking division beats expectations - 12/02/2013 12:39
- Barclays plc: BARC shoots higher but one analysts suggests investors Sell into rallies - 12/02/2013 09:58
- S&P 500: Fears that INX could be prone to downside pressures thanks to formation of 'hanging man' in the charts - 11/02/2013 13:01
- Essar Energy PLC shares bid higher as investors welcome 77 pct increase in throughput at Vadinar - 11/02/2013 12:38
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