The news out of BP just gets worse. When it comes to trading those who read my posts know I tend to go for a high risk shit or bust approach. Sadly Mrs Unslicker's spending means this is the only path available to me.
So only a week ago I had looked at BP and thought, well below £4 has to be a steal. Well the share price has dropped far below that and is still falling.
But I can't buy yet. The news flow is horrible. The US President is gunning for the company, that just isn't good news. The US Class action suits are going to be horrific. I can see mad US lawyers putting trillions in damages on the table, not billions (this is their bid-em-up tactic after all).
I am looking at a new level of under £3.30 for my entry now. There should be a technical bounce at this level, but the flow of oil and bad news has to be stopped.