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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. Yesterday's price range of $52.71 and $53.41 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.

There is potential upside of 38.2% for shares of Conocophillips based on a current price of $52.71 and an average consensus analyst price target of $72.85. The stock should find initial resistance at its 50-day moving average (MA) of $58.48 and further resistance at its 200-day MA of $63.59.

In the past 52 weeks, Conocophillips share prices have been bracketed by a low of $50.59 and a high of $80.24 and closed yesterday at $52.71, 4% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.6%.

ConocoPhillips explores for, produces, transports, and markets crude oil, bitumen, natural gas, liquefied natural gas (LNG), and natural gas liquids worldwide.

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 am inside day candle ConocoPhillips

Ticker(s): COP