British Petroleum (BP) makes a case for 'sell on rally' with a stop loss

British Petroleum (NYSE: BP) has just reported its Q3 results ahead of market opening in US.

Currently the British Petroleum (BP) stock has been trading in $52-$57 range and closed at $55.48 on Monday. The BP stock is facing resistance at $56 -$57 levels. One can short the BP stock near the upper end of the range by following a ‘sell on rally’ strategy with a stop loss.

The Europe's second-largest oil company british Petroleum (BP) reported a 34 percent fall in third-quarter profit to $5.3 billion compared to Q3 in last year, but were still higher than market expectations.