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...
This is almost the same chart I published a few months ago but I just noticed the breakout so here it is again. Pretty explanatory but look at my weekly chart on this to see the entire picture. My weekly is still active from way back, I only closed the daily one.
Sorry I didn't catch this a week ago when it gapped over the resistance line, but we are still at a...
I decided to make a daily chart to go along with my weekly chart. I thought this may give a little more depth to BP. There are 2 possible support lines and it is currently pretty close to one of them. I would short BP if it drops below the higher support line because I believe the higher support line is the most pertinant. See my weekly chart. Happy trading!
Zoom out to see the overall picture. It just formed a major bearish dark cloud cover with a doji at a major resistance band. Short now and reap the rewards. Set stop at 44 and cover at 42.50 if it retreats quickly. Short again if it re-tests the resistance area again with a target of 41.50. Happy trading.
Broke ascending trend line, if it closes below 40.45 today I would expect further downside to 37.00 before finding some support
Update: Closed this at break even, it is retesting the previously broken trend line so I have a short bias, but I am not taking a trade here.
BP is currently in a bearish channel and the bottom of a channel is likely to be tested in the near future.
If triggers below 42.05 - the target is 41.40 with stop loss at 42.35
