Yesterday I received a BP update from Chris Kimble, a 30-year+ market technician and student of Sir John Templeton. The top chart his update of the second chart, which he sent a month ago. See his original commentary from May 3 here.

Here are Chris's latest comments:

On May the 3rd, I shared a chart of BP showing it had formed a "head and shoulders" pattern — prior to the rig going down.

Attached is an update. "How brave are you?" If you think BP has gone down a ton, look where the next support is.

Sir John used to say you must invest at the "point of max Pessimism." Are we there yet?