BP...should i go long..??

[Waterfield]

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[bigal60]

I'm a beginner so bear with my naivety...I'm assuming you're thinking now is the time to go long?

 

[bigal60]

....and if so what would be a sensible stop??

 

[Dentalfloss]

chart of bp
red lines are resistance areas.
green line, the main potential support area at 320

the potential support area being only viableif there is no more major bad news
daily data
10 p box size by 3 reversal
price has bouncedd.so we need to see the behaviour at 450 mark
a longer term chart

 

[kalott]

Longterm USD chart

http://moneycentral.msn.com/investo...0&C9=2&CF=0&D7=&D6=&symbol=BP&nocookie=1&SZ=2

 

[justtradin]

any thoughts on the fundamentals would be appreciated
thanks
the chart has not bottomed out as yet..imho

Very Short to answer your question...please protect yourself if you do go long as swings can happen just re: LEH

 

[tomorton]

Don't go long on BP until the chart makes a valid bottoming signal AND this is confirmed. Same rules as for anything else in a downtrend, trade what you see, not what you think.

 

[gooseman]

chart of bp
red lines are resistance areas.
green line, the main potential support area at 320

the potential support area being only viableif there is no more major bad news
daily data
10 p box size by 3 reversal
price has bouncedd.so we need to see the behaviour at 450 mark
a longer term chart

what the fck is that??!

 

[pssonice]

BP buy.GT.31 ... BP prepares oil leak cap and will succeed this weekend

"Jun 2, 2010, 5:55pm #7 pssonice
buy limit at 39, because BP prepares oil leak cap and will succeed this weekend"

 

[justtradin]

BP to 20 before 40 my thinking...of course I was short FNM and enjoyed some whipsaws against me from 70 to 30 to 38 to less than 1.00.

I was also short BSC LEH GM ABK and GMCR (among others) so you might appreciate some of that experience amidst the waves

 

[pssonice]

BP buy.GT.32.60 ... BP prepares oil leak cap and will succeed this weekend

"Today, 5:05pm #89 pssonice
BP buy.GT.31 ... BP prepares oil leak cap and will succeed this weekend"
"Jun 2, 2010, 5:55pm #7 pssonice
buy limit at 39, because BP prepares oil leak cap and will succeed this weekend"

 

[meanreversion]

I don't think you fully understand the gravity of this situation. The well is 25,000 ft below the sea bed, which itself is 5,000 ft below the sea. The pressure of this oil is enormous. They are currently drilling two relief wells, but what if those fail? Then there is no solution. This could drag on for months and have serious ramifications for the planet.

Watch out for Tony Hayward's testimony at 3pm tomorrow.. I would NOT want to be in his shoes right now.

 

[N Rothschild]

small nuke will seal it up but doubt they will ever do it

 

[N Rothschild]

i'm confident they won't.

just did!

 

[justtradin]

Re: BP buy.GT.31 ... BP prepares oil leak cap and will succeed this weekend

"Jun 2, 2010, 5:55pm #7 pssonice
buy limit at 39, because BP prepares oil leak cap and will succeed this weekend"

Nice trade. W/ Regard to BP I am a long term trader(down) w/the occasional scalp.

JT

 

[justtradin]

Re: BP buy.GT.31 ... BP prepares oil leak cap and will succeed this weekend

"Jun 2, 2010, 5:55pm #7 pssonice
buy limit at 39, because BP prepares oil leak cap and will succeed this weekend"

Nice trade. W/ Regard to BP I am a long term trader(down) w/the occasional scalp.

JT

 

[gooseman]

just did!

decided against it after the initial rally off 350. became less and less confident they would.

 

[counter_violent]

Fitch have down graded BP to bbb.
Dividends suspended.
Open ended compensation pot...as ordered by Obama.
Lawyers aint even started yet.
The chairman wants his life back....so he's given up already without a fight.
This company is now officially fkt....you heard it here.

 

[pssonice]

what is the value of a rating agency in particular Fitch, Moody's and Standard Poors?

poor!
BP price has the potential of 10$ to 40$ short term

 

[D70]

Fitch have down graded BP to bbb.
Dividends suspended.
Open ended compensation pot...as ordered by Obama.
Lawyers aint even started yet.
The chairman wants his life back....so he's given up already without a fight.
This company is now officially fkt....you heard it here.

Disagree.
This will provide the analysts with the ability to start putting a value on the company.
Which up until now has been nigh impossible.