Nice bounce from a long downtrend. Huge volume spike and combination of a good bullish set-up both on daily and weekly chart. See the weekly chart of $BPZ above. Price bounced from a long time weekly support and newly emerged bullish momentum should drive it higher early starting next week.
Plus, it was complemented by very positive news: $BPZ - "The company announced estimates for Block Z-1 in Peru and its intent to identify a partner for the area. A report from the company's independent reserve auditor - Netherland, Sewell and Associates - estimates there's 981 million barrels (MMBO) of unrisked prospective oil in Block Z-1, with low and high estimates of 269 MMBO and 2,750 MMBO, respectively."
If you add short covering squeeze to this ($BPZ short interest ratio as of June 1st was 11.5) you could easily see a great near term bullish potential in $BPZ stock price.
Strategy: Pennystocks100 (5 min chart)
Period: Jun 17, 2010 - Jun 17, 2011
# Win: 1
# Loss: 1
Winners: 50%
Profit-Loss%: -1.87%
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