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BP (Q1 earnings 2 May)
Quarterly figures are expected to show healthy improvement at BP, with revenue expected to rise 34% and earnings per share to more than double. In comparison to last year, the oil price is solidly higher, and with OPEC hinting at more cuts the risk of another slump in oil prices appears reduced. Refining margins have remained resilient, and coupled with higher oil prices have meant that the outlook is relatively stable. In the longer term, oil prices need to move firmly back above $50, and higher, to really create a bullish environment for the shares, but BP appears to have weathered the storm.
Since the beginning of the year, the shares have fallen sharply from the $5.20 high. They have found some support at 440p, but will need to break above 460p to break the downtrend from the 2017 high. Below 440p, 432p and then 406p come into view as support.
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