BPZ Update

BPZ is a featured trade from January 19th   It's currently up nearly 27% for us and time for a closer look.

 This was a near perfect entry setup out of an inverse head and shoulders base. The risk reward ratio was excellent. MACD has been constructive and volume huge, but keep in mind how big the base is. I feel it can and probably will support more upside.

 The daily 3C chart and in the white box is the area under accumulation.

 If I'm in this trade, I want to protect profits on a possible and likely pullback so here's a 60 min. Trend Channel. I might even move the stop just a bit above $6 for a portion of the trade.

 Here's my moving average set-up screen and it shows that BPZ has stayed long since the original signal. I'd expect a pullback to hit at least the yellow 10-day moving average, there it may be worth an add to or a new position. The green box is about where I believe the 10-day will be on a pullback.

There has been very little distribution compared to the volume and the Volume at Price indicator looks very positive. For this reason, I personally would keep the trade open with a trailing stop.

On a pullback, we'll take another look for the next entry.