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Possible Bullish Inside Day Candle Pattern Detected for ConocoPhillips (NYSE:COP)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in ConocoPhillips (NYSE:COP) based on the price action in the company's shares. Today's price range of $41.53 and $42.14 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. Traders and investors interested in shares of ConocoPhillips may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

ConocoPhillips (NYSE:COP) has potential upside of 47.9% based on a current price of $41.88 and analysts' consensus price target of $61.94. 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 share prices have moved between a 52-week high of $68.36 and a 52-week low of $31.05 and are now trading 35% above that low price at $41.88 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%.

ConocoPhillips is an international, integrated energy company which operates in several business segments. The Company explores for and produces petroleum, and refines, markets, supplies, and transports petroleum. ConocoPhillips also gathers and processes natural gas, and produces and distributes chemicals and plastics.

SmarTrend is monitoring the recent change of momentum in ConocoPhillips. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of ConocoPhillips in search of a potential trend change.

Keywords: bullish inside day candle ConocoPhillips

Ticker(s): COP