BPZ Resources (BZP) - May 12, 2008

[Harry Aloof]

From Wall Street Trader's Column

BPZ RESOURCES INC (BZP-NYSE): Technical Viewpoint: From a low of $17.20 on Apr 14, 2008 prices rallied, reaching a high of $20.82 on Apr 23, 2008. A decline saw prices pull back, reaching a low of $17.35 on May 1, 2008. Another rally saw prices penetrate resistance line "A", closing yesterday at $23.67. Technicals: MACD Index (MACD): A Buy Alert! was given on May 2, 2008 when the solid line crossed the dotted line to the upside. Support: Remains at $17.50. Resistance: Is at None at current levels. Point & Figure: Reversed to the upside on May 2, 2008. A P&F downside reversal takes place at $22.00. Summary: Technical indicators have turned bullish. BUY! BPZ RESOURCES INC (BZP-NYSE) @ $24.13 Stop: Use a protective stop of $22.13. BPZ RESOURCES INC is currently trading @ $23.67 plus $1.77 on May 9, 2008.

Price Objective: $32.50
Risk/Reward: $2.00 VS. $8.38
Today's Risk Reward Ratio: 4:1