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

By Nick Russo

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. Yesterday's price range of $62.76 and $63.32 is within the prior day'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 $80.24 and a 52-week low of $56.75 and closed yesterday at 11% above that low price at $63.05 per share. The 200-day and 50-day moving averages have moved 0.19% lower and 0.24% lower over the past week, respectively.

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 15.5% exists for Conocophillips, based on a current level of $63.05 and analysts' average consensus price target of $72.85. The stock should run into initial resistance at its 50-day moving average (MA) of $64.95 and subsequent resistance at its 200-day MA of $68.03.

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 am inside day candle ConocoPhillips

Ticker(s): COP