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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 $43.28 and $43.55 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 share prices have moved between a 52-week high of $53.17 and a 52-week low of $38.80 and are now trading 12% above that low price at $43.44 per share. 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%.

Potential upside of 38.8% exists for Conocophillips, based on a current level of $43.44 and analysts' average consensus price target of $60.29. Conocophillips shares should encounter resistance at the 200-day moving average (MA) of $46.03 and support at the 50-day MA of $41.76.

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

SmarTrend recommended that its subscribers protect gains by selling shares of Conocophillips on May 2nd, 2017 by issuing a Downtrend alert when the shares were trading at $46.95. Since that call, shares of Conocophillips have fallen 6.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle ConocoPhillips

Ticker(s): COP