BP shows relatively strong fundamentals and came back to attractive prices.

From a fundamental viewpoint, the security is cheap with a P/E ratio of 4.65x for 2013 and 7.97x for 2014.
Besides, EV/Sales is low with a ratio at 0.43x for this year.

Currently the stock is oversold and, in the mid-term, is trading in a bearish trend. In the short term, this trend is reversing upon contact with the GBp 440.7 support, corresponding to a bullish trend line. BP should be able to confirm its rebound in the next trading sessions. This support is a trading opportunity in order to anticipate a technical rebound towards GBp 458.5 and by extension towards GBp 473.9.

Thanks to the technical pattern and BP good fundamentals, active investors can take a long position above GBp 440.7. The downside potential is limited and the timing seems perfect to benefit from a technical rebound.
The goals will be fixed at GBp 458.5 in a first time and then at GBp 473.9.
However, a bearish trend would regain the upper hand if the security crosses GBp 440.7.