Weekly BP Ready to Change Trend

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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.

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About the Author

James A. Hyerczyk is an experienced Gann technician and trading educator who has been researching, analyzing and trading the financial markets since 1982. He is the author of “Pattern, Price & Time: Using Gann Theory in Trading Systems” and “Pattern, Price & Time: Using Gann Theory in Technical Analysis”, and writes a futures, Forex, ETF and equities advisory and strategy newsletter for traders and institutions. He also manages an educational, research and consulting service. His website is http://patternpricetime.com

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