Price has continued to move up in terms of my last post. A revised potential target is $1.90

BPT 22Apr22

14 January 2022

It's been a year since I last posted here re BPT. Price has been tracking sideways in what I see as a large Wyckoff pattern which theory says should now go on to generally make higher weekly highs for some time. Wyckoff Theory provides a targeting calculation but until the pattern breaks up above about $1.80 that number can only be guessed at. Assuming price does break and hold above $1.53 there is a short term target of (coincidentally!) $1.80. Price is coming off a significant low and broken above a downtrend (although placement of that trend line is open to conjecture and another week above that shown on the chart below would be good. 

BPT 14Jan22


8 January 2021

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


Robert Norman

Phone: 0428 346 951

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