Take a four or five year view of the chart. The stock ran hard...

Take a four or five year view of the chart. The stock ran hard between July 04 to the May 06 peak. I am viewing the price action between May 06 and now as a continuation pattern (the July 06 high was a false peak imo), with an upside breakout from this pattern reasonably imminent based on the oil price and the price of BPT peers. Once a new high is cut the target becomes the breakout level ($1.71) plus the previous trend gain which is that run up between July 04 and May 06 (about a $1.40), giving the price target. Closes below a $1.30 would put the breakout in jeopardy and would then lead to a view that the price action between May 06 and now as longer term distribution, with the possible conclusion that the stock is returning to penny dreadful status (loss of $1.30 would lead to a renewed attack by shorters on the major $1 support level.

General market conditions support the more bullish case. And the recent rather counter-intuitive moves in the stock price are readily explained by the substantial shareholders statement from the Matthews funds.

Expect resistance at $1.70, but the Matthews funds aren't short term traders, and they don't buy for nickel and dime returns. They are looking for multiples on there investments over a 12 month to 5 year view and in this instance I believe they will double their money over the next nine months.