BPT is struggling to break out of a $1.80/$1.90 trading range but several oil and gas stocks show an almost identical pattern (WPL and STO for example). A chart of the energy sector also shows the potential for a break higher and with rumblings about cuts to oil production in the news these stocks could all move up. But remember, their fortunes are all dependent on oil/gas prices. Since the March low price has broken above a downtrend, could be working on a new uptrend and recently made a higher low which could be followed by a higher peak if prices move up early next week. Assuming BPT breaks higher there is an interim target of $2.31 and a higher target of $2.43

BPT 8Jan21

13 November 2020

BPT is in a long-term rising price channel (shaded yellow on chart) and a (green) falling flag pattern that it broke up out of this week to give a target of $2.30 to $2.40  The March low was probably a price cycle low and with prices rising off that low (probably into Elliott Wave 3) this seems to have all the hallmarks of a good pattern trade.

BPT 13Nov20

Contact

Robert Norman

Phone: 0428 346 951
Email: robert@sharecharting.com.au

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