BP, the oil giant, has been a persistent laggard since April 2012. Prices are currently rangebound in between 400-500p (see right).
Will this pattern change?
I suspect yes. The sequence rising lows and higher highs since April-2012 is an encouraging sign. Prices affirmed the 150-day moving average as support recently and may use that trendline to launch an attack on the 500p resistance. Tactically, I may watch to buy the stock on a minor breakout at 480p, and watch to add on a move above 500p.