The Range Is Tightening in BP
Published on Friday, 15 March 2013 08:04 Written by TradersHuddle Wire
New York, March 15th (TradersHuddle.com) - Shares of BP plc (NYSE:BP) closed the trading session at $41.00 with its price action in a very tight range, given that calculated support is set at $39.99 and the calculated resistance is set at $42.19.
BP plc (NYSE:BP) is an oil and petrochemicals company. The integrated oil company explores for and produces oil and natural gas, refines, markets, and supplies petroleum products, generates solar energy, and manufactures and markets chemicals. BP was founded in 1889 and is headquartered in London, UK.
BP's stock price action indicates that both sellers and buyers are materializing very close to each other. This signals an area where momentum is building, since the stock can resolve by breaking out of the developing tight range.
Traders wanting to establish a position should pay close attention to BP's price action, as any movement outside its predefined range of $39.99 and $42.19 could grasp the attention of momentum buyers that look for a big movement in the price of the stock. Traders need to be aware that tight range resolution works both ways, hence, a move below support could spark above the average selling. A tiered approach could be the best way to start a position; enter into it while the stock is in the tight range, and then add to this position as it breaks and closes above resistance.
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