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

By Amy Schwartz

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 $45.74 and $46.11 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 (NYSE:COP) has potential upside of 27.0% based on a current price of $45.87 and analysts' consensus price target of $58.27. The stock should find resistance at its 200-day moving average (MA) of $46.03, as well as support at its 50-day MA of $41.76.

ConocoPhillips is an international, integrated energy company which operates in several business segments. The Company explores for and produces petroleum, and refines, markets, supplies, and transports petroleum. ConocoPhillips also gathers and processes natural gas, and produces and distributes chemicals and plastics.

In the past 52 weeks, ConocoPhillips share prices have been bracketed by a low of $31.05 and a high of $68.36 and are now at $45.87, 48% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has slid 0.5%.

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