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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 $53.03 and $53.34 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, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide.

Conocophillips share prices have moved between a 52-week high of $80.24 and a 52-week low of $50.59 and are now trading 5% above that low price at $53.27 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.4%.

Conocophillips has overhead space with shares priced $53.27, or 26.9% below the average consensus analyst price target of $72.85. Conocophillips shares should first meet resistance at the 50-day moving average (MA) of $58.48 and find additional resistance at the 200-day MA of $63.59.

SmarTrend recommended that its subscribers protect gains by selling shares of Conocophillips on July 26th, 2019 by issuing a Downtrend alert when the shares were trading at $58.90. Since that call, shares of Conocophillips have fallen 8.4%. 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