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After Yesterday's Rally of 1.29% Shares Could Potentially Pullback

By Amy Schwartz

Conocophillips (NYSE:COP) traded in a range yesterday that spanned from a low of $64.38 to a high of $65.74. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $65.00 on volume of 3.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Conocophillips has traded in a range of $38.80 to $65.55 and is now at $65.53, 69% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 2.2%.

SmarTrend recommended that subscribers consider buying shares of Conocophillips on February 26th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.03. Since that recommendation, shares of Conocophillips have risen 13.8%. We continue to monitor COP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders ConocoPhillips

Ticker(s): COP