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BP Shares Climb As Earnings Positively Surprise Estimates -

Apr, 26th 09:04

ob-trade-idea

BP Plc has risen 3.5% in trading today, after the company reported a surprise first-quarter profit. A stronger-than-expected refining and trading business helped mitigate the impact of sliding crude prices. The company is showing the effectiveness of its restructuring and cost reductions to adjust to oil prices. And that is pleasing news to shareholders. As we can see from the daily chart, the stock price has inched up to 3.7113 after hitting the support at 3.5765. The RSI (currently at 61.01) is forecast to keep rising and the bullish trend is likely to stay for a while.

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