BP Price Prediction Next Week
Technical Analysis
Based on technical indicators, BP is currently showing a mixed trend. The RSI at 60.75 indicates moderate bullish momentum but not overbought conditions. The MACD at 0.54 suggests a positive trend momentum. The stock is trading below its 200-day SMA of $32.74, indicating some long-term bearish pressure.
Price Levels Analysis
- Fibonacci support levels: $30.77 (S1), $30.38 (S2), $29.77 (S3)
- Fibonacci resistance levels: $32.00 (R1), $32.39 (R2), $33.01 (R3)
- Current price: $31.42 (as of Jan 24, 2025)
News Impact Recent news indicates BP is facing some headwinds:
- Contract disputes with customers over LNG cargo deliveries
- The company received a high rating of 94% using the Acquirer's Multiple Investor model, suggesting strong fundamentals
- BP's stock has declined 14% this year, though analysts see potential for long-term growth
Price Prediction for Next Week Based on technical analysis and news sentiment:
Bullish Case (40% probability):
- Target: $32.39 (R2 level)
- Drivers: Strong fundamentals and oversold conditions
Bearish Case (60% probability):
- Target: $30.77 (S1 level)
- Drivers: Ongoing contract disputes and technical weakness below 200-day SMA
Trading Recommendation SELL with a target of $30.77. Place stop loss at $32.00 (R1 level).
Rationale:
- Trading below 200-day SMA indicates bearish pressure
- Contract disputes create near-term headwinds
- Technical resistance levels provide clear risk management points
BP Similar Chart Price Prediction
The price of BP is predicted to go up 16.13%, based on the high correlation periods with BYD. The similarity of these two price pattern on the periods is 97.99%.
BP
BYD
Up: 16.13%Similarity: 97.99%
BP Revenue Forecast
BP EPS Forecast
BP FAQs
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BP VS S&P500
BP is moving early to adapt to the coming energy transition. Its aggressive move away from oil investments should leave it better positioned than peers in the next decade.
BP has made great strides in high-grading its portfolio and reducing costs so that its break-even level has fallen to $50/bbl. New investments break even at $40/bbl on average.
BP will maintain hydrocarbon production at current levels for longer than expected, ensuring continued leverage to commodity prices and strong cash flow for shareholder returns and low carbon investment.
BP Analyst's Forecast
Justin Jenkins
Raymond James
Buy
Price Target
$36 → $37
Upside
+16.85%
Raymond James raised the firm's price target on BP to $37 from $36 and keeps an Outperform rating on the shares. Despite the volatile commodity backdrop in oil & gas, majors still remain a top defensive pick within energy, next to midstream in trading action, and while Q4 saw lower oil prices, the outlook to start 2025 has improved on tightened sanctions on Russia and a cold start in the Northern Hemisphere winter, boosting the demand picture, the analyst tells investors in a research note. The firm's estimates are more conservative than the Street for Q4, and more optimistic for 2025/2026.
Roger Read
Wells Fargo
Hold
Price Target
$31 → $30
Upside
-4.17%
Martijn Rats
Morgan Stanley
Hold
Price Target
$35 → $32
Upside
+0.11%