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

By David Diaz

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 $63.11 and $63.40 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.

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

Potential upside of 15.1% exists for Conocophillips, based on a current level of $63.28 and analysts' average consensus price target of $72.85. Conocophillips shares should first meet resistance at the 50-day moving average (MA) of $65.01 and find additional resistance at the 200-day MA of $68.07.

In the past 52 weeks, shares of Conocophillips have traded between a low of $56.75 and a high of $80.24 and are now at $63.28, which is 12% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.3% while the 200-day MA has slid 0.2%.

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