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

By Shiri Gupta

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 $60.05 and $60.44 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.

Over the past year, Conocophillips has traded in a range of $56.75 to $80.24 and is now at $60.26, 6% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has remained constant.

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 20.9% exists for Conocophillips, based on a current level of $60.26 and analysts' average consensus price target of $72.85. The stock should run into initial resistance at its 50-day moving average (MA) of $60.38 and subsequent resistance at its 200-day MA of $65.31.

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