BP share (LON: BP) price is looking strong as the bulls have held on to the 465p support level pretty well. The stock seems to be forming a bottom on a high timeframe which could be very bullish in the coming months. However, the outlook depends on the oil prices which are at a very critical point in the current cycle.
Therefore, as long as the BP stock holds 465p, I don’t see any reason to get panicked. While there could be some bumps along the way, there is a strong possibility that the price will retest the 200-daily moving average around 498p.
Another critical zone is the price gap that lies above 509p. These types of gaps tend to be filled sooner or later due to the imbalance that lies within these zones. Therefore, it is quite likely that the price will trade within the 509p-522p region before another bearish leg.
The following chart reveals the above-mentioned price levels which the price may respect in the coming weeks. If BP share price loses its 465p support, the outlook will flip extremely bearish, putting the bearish target of 422p on the cards.
