• 721 days Will The ECB Continue To Hike Rates?
  • 721 days Forbes: Aramco Remains Largest Company In The Middle East
  • 723 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,123 days Could Crypto Overtake Traditional Investment?
  • 1,128 days Americans Still Quitting Jobs At Record Pace
  • 1,129 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,133 days Is The Dollar Too Strong?
  • 1,133 days Big Tech Disappoints Investors on Earnings Calls
  • 1,134 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,135 days China Is Quietly Trying To Distance Itself From Russia
  • 1,136 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,140 days Crypto Investors Won Big In 2021
  • 1,140 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,141 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,143 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,143 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,147 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,148 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,148 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,150 days Are NFTs About To Take Over Gaming?
The Problem With Modern Monetary Theory

The Problem With Modern Monetary Theory

Modern monetary theory has been…

Billionaires Are Pushing Art To New Limits

Billionaires Are Pushing Art To New Limits

Welcome to Art Basel: The…

Another Retail Giant Bites The Dust

Another Retail Giant Bites The Dust

Forever 21 filed for Chapter…

Stock Barometer

Stock Barometer

Stock Barometer

Stock Barometer is completely independent. We have never and will not ever accept compensation from any company whose stock we recommend. Our goal is to…

Contact Author

  1. Home
  2. Markets
  3. Other

BP

6/20/2010 7:40:40 AM

Just in case you were thinking of buying BP, you need to understand the risks.

Here's an image from one of my computer screens (I trade with 4 screens). This gives me a snapshot of the yearly, weekly and daily view of a stock. I like to see where a stock is in those time frames before every decision to buy or sell.


Larger Image

The situation in BP is very bad. And while this may be a great opportunity to buy a stock that is beaten down and quite a value, it's also very risky.

I always ask people why they would take such a risk with their money - there are so many stocks in the stock market, that are good companies and present good opportunities. Just because a stock is in the news doesn't mean you have to be a hero and trade it. In fact, I'd rather trade the stock that no one knows about.

That being said, if you're going to step in at some point here, there is some technical fibonacci support here.

However, if it breaks these levels, it's going lower, much lower. The market is a popularity contest and the unpopular stocks can get very unpopular... I could see BP in the single digits if support breaks here.

So be cautious.

Regards,

 

Back to homepage

Leave a comment

Leave a comment