BP plc (ADR)’s Trend Up, Especially After Forming a Descending Triangle Pattern

The stock of BP plc (ADR) (BP) formed a descending triangle with $42.34 target or 38.00% above today’s $30.68 share price. The 8 months triangle pattern indicates low risk for the $93.22B company. If the $42.34 price target is reached, the company will be worth $35.42 billion more. The descending triangle is in our view more reliable than the ascending one. The descending triangle pattern has break even failure rate for up and down breakouts of 7% and 16%, respectively. The average rise and decline is 47% and 16%. The throwback or so called pullback rates are: 37% and 54%. The stocks meeting their targets is high for this type of breakout: 84% and 54% percent. The stock decreased 0.78% or $0.24 during the last trading session, hitting $30.68. About 51,445 shares traded hands. BP plc (ADR) (NYSE:BP) has declined 1.79% since September 10, 2015 and is downtrending. It has underperformed by 8.37% the S&P500.

Analysts await BP plc (ADR) (NYSE:BP) to reports earnings on April, 26. They expect $-0.25 earnings per share, down 129.41% or $1.10 from last year’s $0.85 per share. After $0.06 actual earnings per share reported by BP plc (ADR) for the previous quarter, Wall Street now forecasts -516.67% negative EPS growth.

Out of 10 analysts covering BP (NYSE:BP), 0 rate it “Buy”, 0 “Sell”, while 0 “Hold”. This means NaN are positive. BP was the topic in 25 analyst reports since July 24, 2015 according to StockzIntelligence Inc.

According to Zacks Investment Research, “BP p.l.c. is the holding company of one of the world’s largest petroleum and petrochemicals groups. Their main activities are exploration and production of crude oil and natural gas; refining, marketing, supply and transportation; and manufacturing and marketing of petrochemicals. They have a growing activity in gas and power and in solar power generation. BP has well-established operations in Europe, North and South America, Australasia and Africa.”

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