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

Published on Mon, 12/31/2012 - 08:25
By Peter Chu in Candlestick, BPZ, amex:bpz, bearish am inside day candle, bpz resources

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
pchu@fnno.com

Latest News from FNNO

Watch for Continued Gains in Shares of W...

Weingarten Realty Investors (NYSE:WRI) traded today at a new 52-week high of $34.07. S ...

VCA Antech Looks to Continue to Trade Ab...

Shares of VCA Antech (NASDAQ:WOOF) traded at a new 52-week high today of $38.05. So fa ...

WellPoint: 52-Week High Recently Eclipse...

WellPoint (NYSE:WLP) traded at a new 52-week high today of $116.26. Approximately 1.5 ...

Shares of Whiting Petroleum Rise Above P...

Whiting Petroleum (NYSE:WLL) traded today at a new 52-week high of $88.90. This new hi ...

Windstream: The Winning Streak Continues...

Shares of Windstream (NASDAQ:WIN) traded today at $10.35, breaking its 52-week high. S ...

Shares of Vanguard Natural Resources Ris...

Shares of Vanguard Natural Resources (NYSE:VNR) traded at a new 52-week high today of $ ...

Watch for Continued Gains in Shares of U...

Union Pacific (NYSE:UNP) traded today at a new 52-week high of $102.98. So far today a ...

Take-Two Interactive Software: The Winni...

Shares of Take-Two Interactive Software (NASDAQ:TTWO) traded today at $23.48, breaking ...