Although crude is circling unchanged today, BP plc (NYSE: BP) acts well technically. The stock continues to carve out a series of higher lows off its recent February upleg rally peak at 48.28.
The most recent pullback lows at 46.90 (Feb 22) and at 47.40 (Feb 24), followed by rallies into the 48.20/30 area, continues to put intense upward pressure on the 48.00-48.30 Jan-Feb resistance plateau. If and when hurdled, this should trigger upside acceleration towards a full-fledged retest of the Jan high at 49.50 next.
At this juncture, only a decline that breaks yesterday's low at 47.40 will compromise the timing of the anticipated upside breakout.