• Return to Headlines

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 $34.18 and $34.50 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 share prices have moved between a 52-week high of $43.85 and a 52-week low of $27.01 and are now trading 27% above that low price at $34.18 per share. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

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.

Potential upside of 11.0% exists for BP, based on a current level of $34.18 and analysts' average consensus price target of $37.94. BP shares have support at the 200-day moving average (MA) of $32.26 and additional 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