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Watch for BP to Potentially Pullback After Gaining 1.07% Yesterday

By Shiri Gupta

BP (NYSE:BP) traded in a range yesterday that spanned from a low of $36.83 to a high of $37.10. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $36.70 on volume of 4.1 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 37% above that low price at $36.92 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.8%.

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