After Yesterday's Rally of 1.81% Shares Could Potentially Pullback
ConocoPhillips (NYSE:COP) traded in a range yesterday that spanned from a low of $47.50 to a high of $49.20. Yesterday, the shares gained 1.8%, which took the trading range above the 3-day high of $48.91 on volume of 5.3 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 $31.05 to $69.03 and is now at $48.71, 57% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 2.3%.
SmarTrend recommended that subscribers consider buying shares of ConocoPhillips on March 3rd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $37.57. Since that recommendation, shares of ConocoPhillips have risen 28.1%. We continue to monitor COP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
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