Down 4% today after Q2 warnings

BP shares were down 4% on the day after the company warned on Q2 earnings. The stock’s shares are now trading at around 454p a share and now all of the gains from the first quarter of the year have been erased. The price is now approaching this year’s low point of 440p, which should act as a resilient support zone for the near term until further price action occurs. The support zone has been outlined by the channel drawn on the chart, with a range of 440-450p. A break below this area may create further concerns for investors as a fresh round of sell-offs could arise. This would potentially drag the oil giant’s share price to levels not seen since September of 2022. It would be unjustifiable to analyse any resistance levels right now due to the abrupt shift in sentiment for the near term unless there are signs of consolidation around current levels or within the highlighted support area.