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Possible Bearish Inside Day Candle Pattern Detected for Conocophillips (NYSE:COP)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Conocophillips (NYSE:COP) based on the price action in the company's shares. Today's price range of $54.40 and $54.91 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Conocophillips may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 21.7% exists for Conocophillips, based on a current level of $54.43 and analysts' average consensus price target of $66.25. Conocophillips shares have support at the 200-day moving average (MA) of $46.03 and additional support at the 50-day MA of $41.76.

In the past 52 weeks, shares of Conocophillips have traded between a low of $38.80 and a high of $61.31 and are now at $54.43, which is 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.2%.

ConocoPhillips explores for, produces, transports, and markets crude oil, natural gas, natural gas liquids, liquefied natural gas, and bitumen on a worldwide basis.

SmarTrend is tracking the current trend status for Conocophillips and will alert subscribers who have COP in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle ConocoPhillips

Ticker(s): COP