BP’s (LON: BP) share price rally has taken a hit, slipping from recent highs near 467.90p to test key support at 436.95p. After a strong start to the year, the stock is now showing signs of a potential pullback, raising questions about whether bulls can regain momentum or if deeper corrections are ahead.
BP Share Price Analysis: Breakdown or Buying Opportunity?
-
Resistance Levels:
- 467.90p – Recent high before the pullback.
- 493.85p – Next major upside target if momentum returns.
- 500.00p – Psychological resistance.
-
Support Levels:
- 444.70p – Broken support, now acting as resistance.
- 436.95p – Current price level; key support to watch.
- 426.05p – Next major support if selling pressure continues.
- 392.85p & 379.65p – Deeper support zones if sentiment weakens.
BP’s Outlook Amid Energy Market Volatility
BP’s recent decline comes amid broader uncertainty in the energy sector. With oil prices fluctuating and ongoing debates around green energy policies, investors are weighing whether BP’s traditional fossil fuel business can maintain profitability in the long term.
Notably, BP’s earnings remain solid, and the company continues its aggressive share buyback program, a factor that has previously supported the stock. If BP’s management provides reassuring guidance, buyers could step back in near key support levels.
BP Share Price Forecast – What’s Next?
For bulls to regain control, BP needs to reclaim 444.70p and make a decisive push above 467.90p. If it fails, a deeper retracement toward 426.05p or even 392.85p is possible. Traders should watch for fresh catalysts, including oil price movements and upcoming earnings.