BP Poised to Test Rally Peak
Companies / Oil Companies Mar 07, 2011 - 12:34 PM GMTBy: Mike_Paulenoff
BP plc (NYSE: BP) gapped up this morning and has made a new recovery high at 49.10 so far, on the way to testing its prior significant rally peak at 49.50 from Jan 14.
My near-term work argues in favor of a test and hurdle of 49.50 into the 49.70/90 area prior to the "need" for a correction of the larger upmove off the Feb 11 pivot low at 45.55.
We last highlighted BP in our Feb 25 Mid-Day Minute, noting that the stock acts well technically, continuing to carve out a series of higher lows off its Feb 17 rally peak at 48.28.
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By Mike Paulenoff
Mike Paulenoff is author of MPTrader.com (www.mptrader.com), a real-time diary of his technical analysis and trading alerts on ETFs covering metals, energy, equity indices, currencies, Treasuries, and specific industries and international regions.
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