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BP Share Price Forecast: Bearish Pattern Predicts 22% Downside

BP (LON: BP) share price has remained highly volatile this year. The shares of the British petroleum giant had an 18.6% surge in the first six weeks of 2023. However, the price had a sharp pullback in March, which took the price to its fresh yearly lows of 467p. After a 17% bounce in April the shares are once again retesting the 467p support.

On Tuesday, the UK stock market depicted a negative sentiment. The benchmark FTSE 100 index closed the day with a 59 points loss. BP shares also showed a negative price action as the stock plummeted 2.28%. The latest analysis shows that the price is hanging by a thread.

BP PLC Gets 20-Year Access To Rotterdam Gate Terminal

According to the most recent BP plc news, the energy giant has won a tender to handle 2 million cubic meters of gas annually at Rotterdam’s Gate terminal. PetroChina International will also get the same access in its first long-term access to a European gas terminal.

In other news, BP’s purchase of TravelCenters of America has been recently approved by the shareholders of TravelCenters. The recent slump in oil prices appears to have significantly impacted BP share price, which is now trading close to its yearly lows.

BP Share Price Forms Head & Shoulders Pattern

The following LON: BP chart reveals that the price has formed a head & shoulders pattern on the daily chart. The neckline of this pattern currently lies at 467p. On Tuesday, the shares dropped below this level in the first hour of trading.

BP share price forecast will become extremely bearish if the shares gain acceptance below 467p. In such a scenario bears may target 362p level which is the measured target of the head & shoulders breakdown.

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BP share price chart
LON: BP Chart