British Petroleum breaks pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


2023 was a year of declines for oil stocks, as prices plummeted at the end of the year. However, since November the prices have recovered and, despite lower earnings, oil companies have increased their dividends and share buy backs. Namely, investors get more value.

Despite British Petroleum annual profit halving in 2023 to $13.8 billion, the company has revealed that it has beat the last quarter expectations by posting a profit of $3 billion. Namely, the markets expected the energy company to perform even worse than it actually has. The news have caused a 5% jumps of the company's stock price.

From a technical perspective, new information broke the channel down pattern that had guided the stock price down since the last earnings announcement in late October. However, the 2023 high level range is acting as resistance at 36.50/37.00. In addition, the 200-day simple moving average appeared to be providing additional resistance near 35.50. In the meantime, it has been observed that the resistance line of the channel down pattern has acted as support.

A potential decline of the stock price could find support in the 36.00 level, the trend line of the broken pattern, the 35.50 level and the 50-day simple moving average. However, the 50-day SMA has not been observed to have strong impact on the price. Further below, note the late 2023 and early 2024 low level zones that have acted as support.

However, in the case of a surge the price has to break the 36.50/37.00 range. Higher above, there are support and resistance ranges at 37.85/38.10, 39.50/39.75 and 40.70/40.80.
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