Friday, March 4, 2011

BPZ Chart Request

We had a trade alert on BPZ @ $6.50 on Wednesday

Here's the current charts...

 The breakout from the Triangle thus far is pulling back, whether it holds support or not, we'll see. Often these patterns that are obvious are manipulated in the short term.

 10 in chart showing a negative divergence late yesterday
 5 min chart confirms the same with the negative divergence near yesterday's close.

On the 1 min chart we have a positive divergence building so I'd expect to see the downside abate a bit here, it'll be important to see what happens next. If the 1 min continues to build and bleeds over onto the 5 min, then BPZ should remain an active trade, if not though, then we are looking either at a deeper pullback or a possible failed pattern.

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