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Possible Bearish Inside Day Candle Pattern Detected for BPZ Resources (AMEX:BPZ)

Published on Mon, 12/31/2012 - 08:25
By Peter Chu

Analysts have spotted a possible bearish inside day candle pattern in BPZ Resources (AMEX:BPZ) based on the price action in the company's shares. Yesterday's price range of $2.85 and $2.98 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of BPZ Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

BPZ Resources share prices have moved between a 52-week high of $4.64 and a 52-week low of $2.01 and closed yesterday at 44% above that low price at $2.90 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has remained constant.

BPZ Resources (AMEX:BPZ) has potential upside of 63.8% based on a current price of $2.90 and analysts' consensus price target of $4.75. The stock should discover initial support at its 200-day moving average (MA) of $2.87 and subsequent support at its 50-day MA of $2.61.

BPZ Resources, Inc. is an oil and gas exploration and production company with properties in Peru and Ecuador. The Company has exclusive rights and license agreements for oil and gas exploration and production in several properties in northwest Peru. BPZ also owns a non-operating interest in a producing property in southwest Ecuador.

By Peter Chu