Monday, June 7, 2010

BP stock


Some people want to buy BP stock. Are you kidding me? This stock is almost 50% bellow a declining SMA200, EMA50 crossed EMA100 from above (extremely bearish). Also look on the lower panel at DMI that is red (bearish) and doesn't show any interest into turning positive. God knows how much money British Petroleum will lose due to this spill. A short bounce could happen at any time but that doesn't mean is going to be for real. You know what they say "don't catch a falling knife". Better miss the bottom than buying at the wrong time and looking how your stock is losing value every day.

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