Weekly BP Ready to Change Trend

Another oil stock that is poised for an up move is British Petroleum (BP). Last week's strong close has placed this stock in a position to pop through the last swing top at $40.59. A move through this price will turn the main trend to up on the weekly chart.
James A. Hyerczyk Forex, Futures & Equities Analyst

Weekly BP Pattern, Price & Time Analysis

In addition to the swing top, this stock is also in a position to breakout above a downtrending Gann angle at $39.84. This could set up the market for a further rally into another downtrending Gann angle at $44.09. This price is slightly below the major 50% price level at $44.57 that remains a major hurdle for this stock along with the Fibonacci retracement level at $48.77.

For more information, please visit: http://patternpricetime.com.



Join In on this conversation, post a comment below.
No comments yet... Be the first to comment.