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BP Share (LON: BP) Price Consolidates Before Aiming GBX 600

BP Share price has surged by 15% within the last four weeks. The record surge has propelled the price to its highest level since July 2019. Nevertheless, after massive gains in February, LON: BP has been in a correction since the start of March. The last few days’ price action appears to be a healthy pullback before the likely retest of 2018 highs.

On Friday, FTSE 100 index remained red as its major constituent experienced a negative price action. The benchmark UK index fell to 7717 points during the day and faced a slight bounce. At press time, FTSE 100 is trading at 7765 points after losing 116 points since yesterday. BP share price UK is also showing a similar price action and opened 1.8% below its previous closing.

BP Products North America Acquires TravelCenters

In a $1.3 billion deal by the British oil giant’s American division, BP Products North America is on is way to acquiring TravelCenters. The acquisition will give BP control of the 281 truck stops of America’s largest full-service travel centre company.

BP shares are trading on the London Stock Exchange, and it is one of the biggest publicly listed companies with a market cap of £98.17 billion. LON: BP has been in a massive uptrend since last year due to a surge in oil prices. Although oil prices are still high in 2023, tables can turn very quickly if a recession hits in the latter half.

BP Share Price Can Surge To GBX 600

Our Technical analysis shows that the shares of BP p.l.c have been trading inside a rising channel since October 2021. The following chart shows this ascending channel. The diagonal lines act as support and resistance, as evident from the chart. A few weeks ago, the price broke out of this multiyear pattern as a very bullish sign.

Currently, BP share price is retesting the breakout and trading at 548p. In case of acceptance below 550p, the breakout will be nullified and the bears may target the 500p level. However, in case of a successful retest, I expect the price to surge toward 600p level in the coming weeks.

BP share chart
BP Share (LON: BP) Price