lukelehepuu
Short

BPL IDEA *UP 4%*

NYSE:BPL   BUCKEYE PARTNERS L.P
45 0 5
Description of Chart:
So we opened a short trade at 72.95 and it is now trading at 70.00 on the nose. It has taken around three weeks to get where we are and now I feel that it is poised to take a leg down to the 200MA which is lining up perfectly with previous supports at the 65.77 level. This could be a large play over the next two weeks. If you also look at how the candle has formed on the daily it looks to be forming a topping pattern ( Head and shoulders ) with an exhaustive candle yesterday. If you also look at the bollinger bands it looks like price is about to widen it out with a move to the downside.

Website: http://www.lukelehepuu.com
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