The BP share price is up slightly, helped by the relatively higher crude oil prices. The stock is trading at 316p, which is 10% above the lowest level in April this year. The Royal Dutch Shell share price has also jumped by more than 1% as Brent and West Texas Intermediate (WTI) have risen to $68.62 and $65.2, respectively.
What happened: BP and other commodity companies are surging today, helped by the robust commodity industry. Indeed, most commodities, including crude oil have all risen today as investors expect more demand as the global economy recovers.
The BP share price has also risen as traders wait for the upcoming annual general meeting that will happen on Wednesday. The meeting comes a month after the company published robust earnings and pledged to buy back more shares since it has managed to slash its total debt at a faster rate than expected.
The most notable issue during the meeting will be about its commitment to Paris Climate agreement. There will also be a vote on the strategies the company is putting in place as it aims to cut its production by 40% by 2030. The company has asked oher shareholders to vote against the resolution, saying that it would disrupt its business. It has received support from Calpers, the giant California pension fund. It said:
“Going back to the drawing board on strategy, targets and aims would disrupt our business plans.”
BP share price forecast
The four-hour chart shows that the BP share price has managed to move above the rectangle channel shown in blue. The price is about 2% above the upper part of the channel. It has also moved above the 23.6% Fibonacci retracement level and the 25-day and 15-day EMA. It has also formed an ascending channel that is shown in black.
Therefore, the share price will likely continue rising as bulls target the upper side of the ascending channel at 325p. However, a drop below the support at310p will invalidate this trend.
BP stock chart
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