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Trade the Swing in British Petroleum
The bears’ frustration has only intensified over the last week as equity markets continue to ascend higher with no clear resistance in sight. Selling pressures did resurface briefly on Wall Street after investors digested commentary from European Central Bank President Draghi who noted that the euro’s recent strengthening in the currency market could hinder the currency bloc’s already sluggish recovery. Last week’s US dollar rally kept a lid on commodity prices across the board; ags took the worst beating while gold failed to take on safe haven appeal once again. Chart Analysis Energy behemoth British Petroleum (NYSE:BP) endured a tough few sessions ...
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