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Conocophillips Set to Possibly Pullback After Yesterday's Rally of 1.29%

By David Diaz

Conocophillips (NYSE:COP) traded in a range yesterday that spanned from a low of $70.09 to a high of $70.88. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $70.59 on volume of 2.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Conocophillips share prices have moved between a 52-week high of $70.88 and a 52-week low of $38.80 and are now trading 82% above that low price at $70.78 per share. 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 22.5%. 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