BP shares feel cheap
It's underperformed arch rival Shell over the past year, but this oil major has potential to do much better, according to independent analyst Alistair Strang's charts.
29th April 2025 07:38
by Alistair Strang from Trends and Targets
Releasing their Q1 results before the market opened today, BP (LSE:BP.) is certainly poised for some fairly useful positive share price movements. Unfortunately, the key word is “poised” as the market hasn’t been dropping early warning signals for surprise movement.
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Perhaps this means we should focus on the negative potentials, fearing the worst as for now BP share price feels “cheap”. Regular readers will know we abhor such a term, due to it being usually dusted down to reel in the gullible before a price drop.
Thankfully, in this instance, our inclination is to firstly glance at the positives, especially as BP generally makes a decent effort with dividend levels.
If gains are expected, the first clear signal looks like movement recovering above Red on the chart, presently just 382p. Breaking above this level has the potential to trigger share price moves coming to an initial 472p with our secondary, if 509p.
We can count above this secondary target but, amazing to note, this share price will calculate with the possibility of a future 612p lurking in the distance.
Should things decide to go wrong, we’re inclined to pencil in 344p as a potential trigger, giving the possibility of movement to an initial 328p. Everything should become plain at the 281p level and perhaps a rebound.
Source: Trends and Targets. Past performance is not a guide to future performance.
Alistair Strang has led high-profile and "top secret" software projects since the late 1970s and won the original John Logie Baird Award for inventors and innovators. After the financial crash, he wanted to know "how it worked" with a view to mimicking existing trading formulas and predicting what was coming next. His results speak for themselves as he continually refines the methodology.
Alistair Strang is a freelance contributor and not a direct employee of Interactive Investor. All correspondence is with Alistair Strang, who for these purposes is deemed a third-party supplier. Buying, selling and investing in shares is not without risk. Market and company movement will affect your performance and you may get back less than you invest. Neither Alistair Strang or Interactive Investor will be responsible for any losses that may be incurred as a result of following a trading idea.
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