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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 $66.54 and $68.69 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 (NYSE:COP) has potential upside of 7.1% based on a current price of $68.02 and analysts' consensus price target of $72.85. The stock should hit resistance at its 50-day moving average (MA) of $73.73, as well as support at its 200-day MA of $66.35.

Over the past year, Conocophillips has traded in a range of $48.97 to $80.24 and closed yesterday at $68.02, 39% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has risen 0.3%.

ConocoPhillips explores for, produces, transports, and markets crude oil, natural gas, natural gas liquids, liquefied natural gas, and bitumen on a worldwide basis.

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