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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 $41.44 and $42.14 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 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.

ConocoPhillips has overhead space with shares priced $41.95, or 32.3% below the average consensus analyst price target of $61.94. The stock should hit resistance at its 200-day moving average (MA) of $46.03, as well as support at its 50-day MA of $41.76.

Over the past year, ConocoPhillips has traded in a range of $31.05 to $68.36 and closed yesterday at $41.95, 35% above that low. The 200-day and 50-day moving averages have moved 0.54% lower and 2.22% higher over the past week, respectively.

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