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

By James Quinn

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. Yesterday's price range of $56.82 and $57.38 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. 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 explores for, produces, transports, and markets crude oil, natural gas, natural gas liquids, liquefied natural gas, and bitumen on a worldwide basis.

Conocophillips (NYSE:COP) has potential upside of 23.9% based on a current price of $58.78 and analysts' consensus price target of $72.85. Conocophillips shares should first meet resistance at the 200-day moving average (MA) of $59.24 and find additional resistance at the 50-day MA of $62.70.

In the past 52 weeks, Conocophillips share prices have been bracketed by a low of $50.13 and a high of $71.01 and closed yesterday at $58.78, 17% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 0.2%.

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 am inside day candle ConocoPhillips

Ticker(s): COP