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Possible Bearish Inside Day Candle Pattern Detected for Conocophillips (NYSE:COP)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Conocophillips (NYSE:COP) based on the price action in the company's shares. Today's price range of $63.00 and $63.39 is within yesterday'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. Owners of Conocophillips may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ConocoPhillips explores for, produces, transports, and markets crude oil, natural gas, natural gas liquids, liquefied natural gas, and bitumen on a worldwide basis.

Potential upside of 15.1% exists for Conocophillips, based on a current level of $63.31 and analysts' average consensus price target of $72.85. Conocophillips shares have support at the 200-day moving average (MA) of $59.85 and additional support at the 50-day MA of $57.92.

Over the past year, Conocophillips has traded in a range of $50.13 to $71.01 and is now at $63.31, 26% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that subscribers consider buying shares of Conocophillips on November 4th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $57.89. Since that recommendation, shares of Conocophillips have risen 8.3%. We continue to monitor COP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ConocoPhillips

Ticker(s): COP