Another under-$10 stock hat looks poised for higher prices is BPZ Resources (BPZ - Get Report), which is focused on the exploration, development and production of oil and natural gas in Peru and Ecuador. This stock is down modestly so far in 2012, with shares off by around 9%.
If you take a look at the chart for BPZ Resources, you'll see that this stock has been downtrending hard from its April high of $4.64 to its recent low of $2.01 a share. During that downtrend, shares of BPZ were consistently making lower highs and lower lows, which is bearish technical price action. That said, the stock has now started to move in a sideways trading pattern for the last month, between $2.20 on the downside and $2.60 on the upside. A move outside of that range will likely setup the next major trend for BPZ.
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