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You Bet Your BP: Poised to Rally, Stock Could Surge 20%

NEW YORK (TheStreet) -- BP (BP - Get Report) has had some well-publicized problems and its share price has suffered for a number of years. But BP is poised to rally. Yes, poised to rally.

In this chart above, we can see that BP has traded lower since April, spending much of its time below the declining 200-day moving average. In August and September, we can see a bullish divergence between lower lows in price and higher lows in the momentum study. More recently, BP rallied sharply in early October and broke above the flat 50-day moving average. We look for the slope of the 50-day average to turn up soon as the 40-day has already done so.

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In this chart, above, we show BP with its On-Balance-Volume (OBV) line rising sharply since late September, and we see the positive slope to the 40-day moving average. The 40-day is one of the more popular moving average time frames.

In this chart, above, we can see the declining 40-week, or 200-day, moving average which we know by definition is late at turning points. The OBV line on a weekly basis is rising and the trend following Moving Average Convergence Divergence oscillator has given a "cover shorts" crossover below the...