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BP ‘just getting started’, as analyst claims it can add 20%

Technical analyst Zak Mir has said that BP plc (LON:BP.) is only “just getting started” and believes there is headroom to add another 20% to the current share price.
The share price has rallied hard over the summer, gaining a third in the last six months alone, which Mir puts down to solid fundamentals.
“Near-term, most of the fundamentals have been positive and it’s trying to put a line under the Gulf of Mexico issue,” he said.
Speaking in the latest edition of TIP TV’s Proactive Investor bulletin board series, Mir is now targeting upwards of 500p for BP.
“While we’re above 440p, I’m looking for at least the highs of the year to be revisited. The technical target here is at the top of that rising trend channel from June, around the 530p area.”

Quick facts: BP PLC

Price: 276.95 GBX

Market: LSE
Market Cap: £56.13 billion

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