It's time BP got it's bounce back. Is this comany no longer making money or what? When will the down cycle end? When will bottom kill be dead? When will the drilling ban be lifted? When will the dividend reinstate? The market is hungry and waiting for any good reason to send this stock soaring again.
optimistic is your middle name , right ?
My advise if you take it, is that if you already profited with BP or can get out with a small loss, get out and be long in other oil companies. BP is a trade and you can do a lot of money with a trade an with this volume.
In the state of Georgia, their are plenty of shrimp being harvested for sale in any market. It seems the media and a few bloggers have a hard time finding more bad news. Oh yeah, in the time it has taken me to post my humble opinion, americans burned 100,000 gallons of gas...peace
You shorts live in a fantasy world, wanting so bad for this to go down, that you see things that just aren't there. Bad news has been pouring out for months but BP has stabilized and is ready to go higher. It will move to $40, then $42, and then hold at $45 in the coming months. Mark it! Short it at your own peril. The lawsuits will drag on for years to little avail. Use XOM as your guide. Wake up people, the oil has stopped. Shrimpers are shrimping. Life is returning to normal. This crises is over, cover your positions and move on to your next move.
the key is that oil has reversed course.bp is NOT profitable with oil below $60.this is their breakeven point.at this level or below it they will be in default and completely bankrupt.that is why bp went to 26 last time.because oil went to 66.if oil retraces so will bp.
wishful thinking doesn't make it so.take my word for it as a trader i know.the weekly and daily charts show a classic retracement pattern.if this breaks then they will find a new bottom in the teens.
My chart says resistance at $38, holding for news. There is still pressure in the well. Drilling ban will soon lift. Good earnings 3Q, 4Q. Divi resinstatement 1Q2011. The storm has past, still experiencing an occasional outer band. Blue skies and calm seas ahead.
they had to take out a $5 billion loan just to stay operational.they have pledged future oil revenue to paying this loan.so no they are no longer profitable.
this is inspite of already selling off over $10 billion in core assets. this with oil still dropping is bad news for bp's future. they will further shrink in size and will never regain the profits they once had. if they even survive.
they will most likely have another "accident" or be forced to shut unsafe money making operations like atlantis.
bp is on "accident" away from a bankruptcy.