UK: BP shares price prepares for strong decline – Analysis – 16-8-2019

BP shares price declined strongly recently to break the main support at 500.00, confirming the surrender to the bearish bias domination, expecting to renew the pressure on 484.80 level followed by attempting to reach the next negative target at 475.45.

Stochastic release from the oversold areas might force the price to form intraday sideways trades until gathering new negative momentum followed by repeating the attempts to reach the mentioned negative targets.

The expected trading range for today is between 500.00 and 475.45

The expected trend for today: Bearish