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BP Share Price Targets 550p After Major Breakout

BP (LON: BP) share price has been on a roll, and the shares of the black gold driller have surged to a fresh 5-month high. The shares are currently 9.9% up from the August low of 472p. The stock of the oil giant is changing hands at 518p, up 0.14% till press time.

The recent surge in BP’s share can be attributed to the rising oil prices. Brent Crude Oil has seen a surge of $7.85 from its August lows of $82.65 per barrel. Currently, Brent crude oil is trading at $91 per barrel, up 0.69% till press time.

BP PLC To Purchase LNG From Woodfibre

Last week, BP announced the finalization of its third agreement to buy LNG from Canada’s Woodfibre. According to the terms of the deal, the British oil company will buy an additional 450,000 tons of LNG per year for 15 years. BP has now bought a total of 1.95 million tons of LNG from Woodfibre.       

In other news, BP unveiled the largest EV charging station in all of Britain. The hub is located near Birmingham and can serve up to 180 cars at once.  The CEO of the oil and gas company also announced its plan to invest 1 billion to build hundreds of EV charging spots all around the UK. The shares for BP are trading 8.65% below its yearly high.

BP Share Price Breaks Above Trendline

As I predicted in my previous forecast for LON: BP, the price has flipped bullish after breaking above the downward trendline. A deeper analysis of the chart also reveals the price reclaimed the 200 MA, which is a very bullish sign. It seems that the bulls are gaining momentum after the breakout from downtrend.

The BP share price forecast has flipped bullish. In the coming days, bulls may target 550p, which is the next major resistance on the daily chart. However, the bears may come back if the price breaks back below the 200 MA which currently lies at 492.8p.

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BP share price chart
LON: BP Chart