BP Poised to Test Rally Peak

BP plc (NYSE: BP) gapped up this morning and has made a new recovery high at 49.10 so far, on the way to testing its prior significant rally peak at 49.50 from Jan 14.

My near-term work argues in favor of a test and hurdle of 49.50 into the 49.70/90 area prior to the "need" for a correction of the larger upmove off the Feb 11 pivot low at 45.55.

We last highlighted BP in our Feb 25 Mid-Day Minute, noting that the stock acts well technically, continuing to carve out a series of higher lows off its Feb 17 rally peak at 48.28.