It has been several years since the Deepwater Horizon oil spill, but BP and even RIG are still in business. Both stocks have drifted away from the spotlight, to the point where they are rarely discussed by traders or commentators alike.
On BP‘s monthly chart, below, note the debate taking place since the spill. Shorts have been reasserting themselves at each lower high, but value investors have supported each higher low.
Eventually, something has got to give. And I believe we are close to that moment with this multi-year symmetrical triangle (light blue lines) at the apex.
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Thanks for touching on this. Agree that BP is at a really interesting cross road. I think the value case below $38ish is very strong and that ultimately it will resolve higher.
By the way, GLW is still looking strong and performing well since your last mentions of it.
Thanks for all the great stock ideas!!