Blue Dolphin Energy (NASDAQ:BDCO) traded in a range yesterday that spanned from a low of $0.36 to a high of $0.40. Yesterday, the shares fell 5.00%, which took the trading range below the 3-day low of $0.36 on volume of 129,000 shares.
Shares of Blue Dolphin Energy are currently trading below their 200-day moving average (MA) of $0.37 and should find support at their 50-day MA of $0.32. Look for these MAs to provide resistance for a short-term rebound in the shares.
SmarTrend is bearish on shares of Blue Dolphin Energy and our subscribers were alerted to Sell on June 30, 2010 at $0.37. The stock has fallen 1.1% since the alert was issued.
SmarTrend has the shares in a Downtrend and expects the share price to rebound toward the $0.36 resistance level. Afterwards, we expect it to move downward with its peers in the SmarTrend Independent Oil & Gas industry.