 Hello and welcome to the CMC Markets chart of the week video with myself David Madden, market analyst and today's date is Wednesday the 17th of January and the time has just gone 12.15pm UK time and this week's chart of the week is BP, the oil stock. If you take a look at the chart here, we can see that it's been a clear upward trend for the past four months, a series of higher highs, higher low and a higher high. In fact, the high that we saw last week on BP was the highest level it's been at since 2010, so a good indication of just how strong this bullish trend is. Now we have managed to see a pullback in the share price in recent sessions but seeing as the stock has been in an upward trend, buying on the dips has been a popular strategy. So if the market does continue to move in the wider upward trend, we could see the market look to take out the recent high of £5.36 and if we go beyond that, the next big psychological number to watch out for to the upside will be £6.00 a share, £600. Now as I mentioned, buying on the dip has been a popular strategy so it does manage to edge a bit lower from these levels, we could see fresh buyers potentially enter the fold. Now taking a look at the price action last week, as the share price was actually pushing higher, creating fresh multi-year highs, we could see there was a distinct decline in the MACD indicator, the MACD histogram which measures momentum. So as the price was pushing higher, hitting fresh multi-year highs, buying momentum is actually falling so it wasn't an entire surprise that you had a sell-off because there's been divergence between the two. Now the MACD indicator is actually in negative territory so we're seeing an increase in negative momentum. There's also a possibility that the market could resume the wider upward trend and that could turn around from here. So if we do manage to push lower on the price of BP, we could see fresh buyers enter the fold potentially in around the £5.09 mark which is the 50-day moving average and notice how the 50-day moving average didn't manage to act as both resistance and support in late November and December. Moving south of the 50-day moving average, we may even find some support in around the 500 level which is in around where this trend line comes into place. If you draw a line between the low of late August and the lows of September and also the low of December, you can see that the trend line has been respected on a number of occasions and even if you do manage to dip south of the trend line, we may find some support in at four-pulse 91, the 100-day moving average. You can see here that the 100-day moving average once again acted as both resistance and support for the stock back in September. If we do manage to take out the December low of £4.82, that could be an indication and early warning that the upward trend we've seen recently that should come to an end and the market is turning over on itself. So if we do manage to have a decisive break south of £4.82, we could be looking ahead and back down towards the 30-day moving average of £4.73 or south of that eating down towards the £4.50 area. Notice how the £4.50 region here did see a lot of price consolidation back in September. Well, that's all from me this week. Thank you very much.