The oil rig disaster in the Gulf of Mexico has damaged BP's reputation will they manage to avoid a share collapse to 350p.?



472p to buy this morning.

BP May Continue Drop Beyond 50% Fibonacci: By Alexis Xydias

June 16 (Bloomberg) -- BP Plc shares, which have plunged 47 percent since April, breached a key support level that technical analysts who follow Fibonacci retracements say indicates the slide may continue.

BP, which President Barack Obama last night accused of recklessness in causing the worst oil spill in U.S. history, yesterday fell below 347 pence, the 50 percent Fibonacci retracement between its 48.49 pence low in August 1992 and this years high of 646.94 pence on April 21, after adjusting for dividend payments. The next Fibonacci support level, or floor, is near 277 pence.

Its in freefall, there is no sign of a base, said Robin Griffiths, a technical analyst at Cazenove Capital Management Ltd. in London. We cant yet say you should be buying BP. The moment someone says weve stopped the leak, then we can start estimating the losses. But with the President doing what he is doing, you dont have a hope.

Fibonacci analysis assumes markets retrace earlier patterns in specific stages. A Fibonacci retracement level is created by taking two extreme points on a stock chart and sub-dividing a markets prior trend by key Fibonacci ratios of 38.2 percent, 50 percent and 61.8 percent. If a price breaks through one of the levels, it may signal a move toward the next resistance or support point.

BPs current price is also near the 328.24 level from which the shares doubled in October 2008. The stock rose 0.6 percent to 339.95 pence as of 12:35 p.m. in London, after earlier slipping to 338 pence.

Obama, speaking in a national address from the Oval Office, vowed that London-based BP will be required to spend whatever is needed to repair damage caused by the spill in the Gulf of Mexico, as the U.S. government said the well is gushing as much as 60,000 barrels of oil a day.

In technical analysis, investors and analysts study charts of trading patterns and prices to predict changes in a security, commodity, currency or index

with the imminent divi now scrapped as well as that for the next 2 quarters (at least), the outlook for sp on that basis alone is bleak .... now add the open-ended damage liability!

now the 347p initial fibb support level has been breached the next fib. floor of support equates to 277p but does t/a really mean a carrot in bps current predicament ? and in such a capricious bear of a mkt . l think not. What with hurricane season on the horizon and an oil slick the size of jamaica sloshing around the gulf whose to say where it all end up /lt could end up affecting nemerous other states and central americas and ... qui sait ? .. - sell trades of 23m, 14m 12m 11m and 10 million show big players zooming to the exits . l would expect a plethora of rns reg holdings very soon .....that obama waiter boy is savouring all this with his rash,inflamatory undiplomatic talk reg BP .My views reg. BP are well known but Obama is making this more of a political issue / and all this crap he talks about getting immediate help to those affected is utter poo !! People are still waiting for compensation from H. KATRINA AND THAT WAS 5 YEARS AGO !!..Why doesnt Obama give the same hard copy to media reg. trancocean and Haliburton and their operating shortcomings ..........Bp need a few heads to roll and someone like ...errrr Clubman to tell Obama how to walk the walk- :-)) ...... .....

Up 7% Hmmm?

Good news this morning. Now Obanana has saved his face, let BP get on fixing the hole.

BP upgraded to buy from hold at Collins Stewart, target price stays 450p

i knew i was going to be out today, so not half glad i shut my position just before closing last night

yeh sure you did my boy.

i do not need to prove either to arseholes like you or even other proper human beings

why do you keep stalking me like some obsessive goy queer? ... or perhaps you are

despite Collins upgrading , and yesterdays rise on both FTSE and on Wall St,, this was parried by the main two of major credit agencies dropping b.p s credit rating by 2 and 3 full notches respectively .-surely bodes badly .......refuse to go short as is starting to feel like blood money ..and not yet feeling confident to go long ...so keeping powder dry

Like you I also stopped my big short, and went long believe me my boy, I am a good christian.

....o/t ...i dont doubt it Clubman -so why not adopt a Christian attitude and give cynic the benefit of the doubt and take him at his word

You gotta be getting on a bit clubman to call cynic a boy..... does explain a lot....

My boy is a standard jewish form spoken down a big nose with a hands gesture palms up, they are usually lying when they finish of a sentence in this way. Much like non jews start a sentence with to be honest guv.

oh dear oh dear .... how pathetic and ignorant, even of supposed jewish mannerisms ..... go and join "gaza conflict" thread where your views and attitudes should find a more appreciative audience than here

Cynic I picture you as Max Bygraves the so called comedien

" to be honest gov " is something out of an old english B movie and is no longer used in and around the London area by anyone under the age of 70.

So Clubman , you must be aged around 70 or you are an American or both.

I think Cynic likes his sex like he likes his whiskey, straight. [ John Wayne , quote ]

Clubman, I thought you would have said Jackie Mason.

JM is a wonderful observer of jewish life and manners, and his shows are worth going just for the audience .... it's a shame his accent is such heavy bronx as to make him virtually unintelligible ... and i'm afraid max bygraves is long dead, though seemingly i am not!

there was a great song from 30'40s by a woman blues singer whose name i shamefully forget, who sang, "i like my man like i like my whiskey; smooth and mellow" ... it actually has great entertaining lyrics throughout

cynic I picture you as Charles De Gaulle..