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Possible Bullish Inside Day Candle Pattern Detected for BP (NYSE:BP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in BP (NYSE:BP) based on the price action in the company's shares. Today's price range of $31.00 and $31.19 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of BP may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

BP plc is an oil and petrochemicals company. The Company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP's chemicals include terephthalic acid, acetic acid, acrylonitrile, ethylene and polyethylene.

BP share prices have moved between a 52-week high of $43.85 and a 52-week low of $27.01 and are now trading 15% above that low price at $31.14 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.4%.

BP has overhead space with shares priced $31.14, or 17.9% below the average consensus analyst price target of $37.94. BP shares should encounter resistance at the 200-day moving average (MA) of $32.26 and support at the 50-day MA of $30.87.

SmarTrend is tracking the current trend status for BP and will alert subscribers who have BP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle

Ticker(s): BP