BP, one of the world's leading oil group, is trading in a bullish trend and several arguments argue in favor of the continuation.

The company’s fundamentals are still strong. Analysts from Thomson Reuters consensus have revised largely upward their EPS estimates. The last EPS was at GBp 0.61 and are adjusted at GBp 1.48 for 2013. Furthermore, the company is still undervalued as shown by a PER of 4.91x and a "EV/revenue" ratio of 0.47x.

From a technical viewpoint, the security is trading in a bullish trend in the short and the long term. Increasing moving averages let think there will be no reversal in the coming trading sessions. 20-day moving average should help to reach soon the GBp 499.5 long term resistance.

According to both technical and fundamental elements, it seems opportune to take a long position at the current price. The bullish trend should allow the security to reach the GBp 499.5 long term resistance. If the stock crosses it, a new target price will be set. A stop loss will be placed under the GBp 470 (20-day moving average).