Beach Petroleum (BPT)

Beach Petroleum (BPT.AX)

Indicator:

HIGH WAVE LINE

REVERSAL

Indicator CAN BE USED in additional to another technical indicator to confirmation for trading position. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This Japanese candlestick indicator can provide guidance on the short term battle between sellers and buyers from the companies recent trading.

Beach Petroleum (ASX:BPT) has formed a new High Wave Line reversal pattern.

High wave candlesticks portray situations where the market is having difficulty coming to a consensus on a securities value. They are indicative of a market in which uncertainty and indecision prevail. Neither the buyers nor the sellers have a clear sense of which direction the market will head. The forces of supply and demand are equally balanced.

Calculation: High Wave Line Candlestick Pattern:
1) Small candlestick body One shadow required Shadow length 3x larger than candlestick body;

PROFILE: Beach Petroleum (BPT.AX)

Stock Exchange: ASX
Company: Beach Petroleum
Ticker Codes: | BPT.AX | ASX:BPT |

Beach Energy Limited explores, develops, produces, and sells oil, gas, and gas liquids. It holds interests in exploration and production tenements in Australia, New Zealand, and Tanzania. The company was formerly known as Beach Petroleum Limited and changed its name to Beach Energy Limited in December 2009. Beach Energy Limited was founded in 1961 and is based in Glenside, Australia.