BP (BP) NewsBite - BP Hits 52-Week High On Rising Oil Futures

Posted: Monday, October 19, 2009 3:35 PM EDT

BP (NYSE: BP) hit a new 52-Week high of $56.68 so far today. BP's stock is being lifted by rising oil futures. Currently the stock is up $1.60 (2.91%) to $56.61 on 4,742,406 shares traded. Today's high is up $22.91 from a 52-Week Low of $33.70. BP stock has been showing support around $54.64 and resistance in the $55.46 range. Technical indicators for the stock are neutral and S&P gives BP a neutral 3 STARS (out of 5) hold ranking. If you are looking for a hedged play on BP the stock seems like it could be a candidate for a January out-of-the-money bull-put credit spread below the 50 range. [ABR-Seven Summits Strategic Investments NewsBite]

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