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BP Rises 1.28% on Heavy Volume: Watch For Potential Pullback

By Shiri Gupta

BP (NYSE:BP) traded in a range yesterday that spanned from a low of $35.88 to a high of $36.17. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $36.13 on volume of 2.1 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 33% above that low price at $35.96 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%.

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: rebounders

Ticker(s): BP