Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
BP plc is a company that works in the oil and gas sector and has operations in over 70 countries. It has a request value of around $91 billion. BP plc is among the biggest energy companies in the world and has a variety of businesses, similar as disquisition and product, refining and marketing, petrochemicals, renewable energy, and biofuels.
BP plc also does exploration and invention, aiming to produce low-carbon results and support the energy transition. BP plc’s shares are listed on the LSE with the symbol BP. On the NYSE with the symbol BP. This company’s share price has changed over the once time, reaching a peak of 570.50 GBP in July 2023 and a trough of 421.10 GBP in March 2023.
The BP company has an average volume of 7.45 Million and the current market cap of the company is $110.006 Billion. This company has a negative ROE of 28.12% and the ROA of the company is neutral along with a PE ratio of 6.61. These ratios are positive to neutral for the performance of the BP PLC in the longer term.
The current ratio of the BP share is 1.17 following a debt ratio of 0.22. That makes the share very capable of repaying its debt in the longer term. As per the Q2 2023 results, the net cash at the BP company has declined by -12.7%, resulting in $28.91 Billion. Similarly, the operating cash flow has decreased by 42.1%.
BP PLC Stock Performance Analysis
The revenue of the BP Plc company for the year 2022 was $241.39 Billion. This company has made a gross profit of 22%, resulting in a negative net income of $2.49B. The debt for the BP company has decreased from $69.79 Billion in 2021 to $55.49 Billion in 2022.
Technical Summary of BP Stock
The technicals of the BP share are totally bullish advancing to a higher level and the financials of the company are also strong. It led to a buy signal following multiple indicators and the experts are bullish on the stock.
BP Share Technical Analysis
The stock price has been increasing gradually from the lower levels in the weekly timeframe. It is creating a positive market structure and making higher highs. The price movement has formed a rising wedge pattern and the stock is still within it. BP Plc’s price may keep rising to higher levels.
The BP stock price has been climbing from the lower levels and the 50-day and 200-day EMAs are also showing strong momentum. This has resulted in a golden cross on the charts. It signals more optimism in the market.
The RSI is positive on the charts as it has reached the overbought zone and is currently trading above the 50-level along with the 14-day SMA. It shows more optimism in the stock.
Conclusion
BP Plc’s stock price is showing an upward trend and making higher highs. The EMA and the RSI are also confirming this trend. The company’s fundamental data is also positive. Therefore, the BP stock price may increase in the future unless it breaks below the rising wedge pattern.
Technical Levels
- Support levels for the BP share are – $15.00 and $26.00
- Resistance levels for the BP share are – $41.00 and $47.00
Disclaimer
The information provided in this article, including the views and opinions expressed by the author or any individuals mentioned, is intended for informational purposes only. It is important to note that the article does not provide financial or investment advice. Investing or trading in cryptocurrency assets carries inherent risks and can result in financial loss.
Source: https://www.thecoinrepublic.com/2023/09/28/how-beneficial-can-peacock-solar-project-be-for-bp-plc-share/