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Conocophillips Set to Possibly Pullback After Yesterday's Rally of 1.33%

By David Diaz

Conocophillips (NYSE:COP) traded in a range yesterday that spanned from a low of $71.35 to a high of $72.57. Yesterday, the shares gained 1.3%, which took the trading range above the 3-day high of $72.00 on volume of 2.9 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, shares of Conocophillips have traded between a low of $42.26 and a high of $72.40 and are now at $72.38, which is 71% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.8% while the 50-day MA has advanced 0.6%.

SmarTrend recommended that subscribers consider buying shares of Conocophillips on June 7th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $68.97. Since that recommendation, shares of Conocophillips have risen 3.6%. 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