An interesting pull back is anticipated.

The oil company shows strong fundamentals and has qualitative Surperformance ratings. With P/E ratio of 9.86 and 9.24 respectively for 2014 and 2015 earnings, the firm has interesting valuation levels. The EV/Sales ratio at 0.52 for the next two years and a strong buy consensus from the analyst are backing up this opinion.

On a technical viewpoint, the stock prices are in a consolidation phase since October 2013. The last movement has brought back the share near its GBp 470 support line but it could soon resumes its ascending trend and came back close to its GBp 508 resistance.

Considering BP fundamentals and technical configuration, a bullish position could be taken near the GBp 470 line, targeting GBp 491 in the first time and then the GBp 508 resistance with a stop-loss at GBp 465.