BP p.l.c ( BP ). shares traded higher in Monday's premarket session, even as broader indices pointed lower, supported by a risk-on tone across the energy sector.

The company said Monday it has agreed to acquire a 60% stake in three offshore exploration blocks—PEL 97, PEL 99, and PEL 100—in Namibia's Walvis Basin from Eco Atlantic Oil & Gas, subject to regulatory approvals. BP will operate the assets, while Eco Atlantic and NAMCOR will retain minority stakes.

"Namibia is a region attracting growing industry interest…," said Gordon Birrell, BP's executive vice president of production & operations, highlighting long-term growth potential.

The deal builds on BP's recent exploration momentum, including multiple discoveries through Azule Energy, its joint venture with ENI S.p.A. .

BP Technical Levels: Key Support and Resistance to Watch

At $47.09, BP is trading 3.1% above its 20-day simple moving average (SMA), the stock's average price over the last 20 sessions, which suggests buyers are still defending the recent uptrend. It's also 22.1% above its 100-day SMA, a sign the intermediate trend remains pointed higher.

Moving average structure still leans constructive, with the 20-day SMA above the 50-day SMA, and the golden cross in July reinforcing the longer-term trend shift that followed the death cross in April.

The near-term momentum picture is a bit less clean, with moving average convergence divergence (MACD), a trend/momentum measure, showing the MACD line at 1.5685 below the 1.7982 signal line, which indicates upside momentum has cooled even as price holds near highs.

Key Resistance: $48.50 — a level where rallies have recently stalled.

Key Support: $45.50 — near the 20-day SMA zone where dip-buyers have tended to show up.

BP Q1 2026 Earnings: EPS Estimates and Revenue Growth

Following last quarter's results, investors are now tracking the path toward the next reporting date on April 28, 2026 (confirmed).

EPS Estimate: 76 cents (Up from 53 cents YoY)

Revenue Estimate: $51.58 Billion (Up from $46.91 Billion YoY)

Valuation: P/E of 2276.5x (Indicates premium valuation relative to peers)

Analyst Consensus & Recent Actions: The stock carries a Buy Rating with an average price target of $41.59. Recent analyst moves include:

Wells Fargo: Equal-Weight (Raises Target to $54.00) (April 9)

HSBC: Upgraded to Hold (Raises Target to $45.30) (March 20)

Piper Sandler: Neutral (Raises Target to $47.00) (March 12)

Top ETF Exposure

Dimensional International Value ETF ( DFIV ) : 1.03% Weight

Donoghue Forlines Yield Enhanced Real Asset ETF : 1.99% Weight

Altrius Global Dividend ETF ( DIVD ) : 2.16% Weight

Significance: Because BP carries significant weight in these funds, any significant inflows or outflows for these ETFs will likely force automatic buying or selling of the stock.

BP Stock Price Activity: BP shares were up 1.40% at $47.09 during premarket trading on Monday, according to Benzinga Pro data.