BP share (LON: BP) price has rebounded after hitting major technical support on its chart. This bounce can be attributed to a slight recovery in global crude oil prices and the improved market sentiment around the UK equities.
On Friday, BP shares are trading 1% higher than their weekly lows. This price action is also supported by a corresponding bounce in the FTSE 100 index which is up 54 points on the last trading session of the week.
Just like other Oil and Gas stocks, LON: BP shows a strong correlation to the oil prices. Therefore, the recent downtrend in the Brent crude price has led to a sell-off in the stock of the British petroleum giant.
Once again my BP share price forecast has been perfectly met as the price has precisely hit my target of 466p. The next target could be 448p depending on the price action around the 466p support level. Another factor playing a major role in this regard will be the oil price which appears to be taking a breather for now.
This post was last modified on Nov 17, 2023, 13:27 GMT 13:27