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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 $57.76 and $58.26 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 share prices have moved between a 52-week high of $80.24 and a 52-week low of $56.75 and closed yesterday at 3% above that low price at $58.20 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.1%.

Conocophillips (NYSE:COP) has potential upside of 25.2% based on a current price of $58.20 and analysts' consensus price target of $72.85. The stock should find initial resistance at its 50-day moving average (MA) of $63.29 and further resistance at its 200-day MA of $67.44.

SmarTrend recommended that its subscribers protect gains by selling shares of Conocophillips on March 8th, 2019 by issuing a Downtrend alert when the shares were trading at $65.81. Since that call, shares of Conocophillips have fallen 13.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle ConocoPhillips

Ticker(s): COP