Berry Petroleum Company (NYSE: BRY)

Berry Petroleum Company, an independent energy company, engages in the acquisition, exploitation, exploration, production, and development of oil and natural gas in the continental United States. As of December 31, 2012, it had interests in 2,584 net productive oil wells and 271 net productive natural gas wells; and proved undeveloped reserves of 124.9 million barrels of oil equivalent in California, Texas, Utah, and Colorado. The company primarily sells its crude oil and gas to marketing companies or refiners. It is also involved in the generation and sale of electricity. Berry Petroleum Company was founded in 1909 and is headquartered in Denver, Colorado.
To review Berry's stock, please take a look at the 1-year chart of BRY (Berry Petroleum Company) below with my added notations:
BRY had consistently hit resistance at $42 (red) over the last (2) months. In addition, the stock formed a clear trendline of support (blue) starting back in July. These two levels combined had BRY stuck within a common chart pattern known as an ascending triangle. At some point, the stock had to break through one of those two levels, and as you can see, it was the $42 resistance that finally broke.
The Tale of the Tape: BRY broke the resistance of its ascending triangle. A long trade could be made on a pull back to $42. A break back below the $42 level would set up a possible short trade and negate the forecast for a move higher.
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