tradingformoney
Long

BP Ichimoku tk cross on 6/17/14....15.08 rectangle pattern

BP (NYSE:BP)  
NYSE:BP   BP
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BP was stuck in a tight range from July 19 2010 to really April 21 2014 and has not been back to the range nor closed in it the range since 4/14/14.

The range i am talking about is 49.53 (high) to 34.46 (low).
49.53-34.46= 15.08 range.

Today the ichimoku gave a tenkan kijun cross to the upside.
By using the 15.08 rectangle price pattern this puts the market at $64.61

if you scale out to a weekly chart you will notice that the 64.61 price range lines up with a nice resistance level .
By scaling down to a daily chart to find an entry, and then macro managing the trade from a weekly chart can be down.

Comments

the tenkan kijun cross happened on the daily chart, this is a weekly chart above
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