bpt will become cheaper over the next seve??, page-8

I did warn you guys when it broke the $1.61 support level that it was going down.

I'm actually more a fundamentalist than a chartist but so many punters trade using charts now that you have to take it into account.

From a fundamental point of view the 4 issues I have are:
(1) Oil price is dropping.
(2) High depletion rates on some of the wells means production will be lower this year.
(3) Oversea's ventures continue to disappoint.
(4) The Tanzania deal for me was not great as I was hoping for a mixture of future exploration paid by third party plus substantial cash. Beach gave up a lot to WPL for not that much reward.

On the upside they have a great balance sheet, good management, solid earnings and future gas price increases.

In summary I still like the stock but I think its going back to $1.40 and possibly even $1.20 - $1.30
I'm waiting to get back in somewhere between these levels.