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After Yesterday's Rally of 3.26% Shares Could Potentially Pullback

By Shiri Gupta

Conocophillips (NYSE:COP) traded in a range yesterday that spanned from a low of $37.64 to a high of $38.78. Yesterday, the shares gained 3.3%, which took the trading range above the 3-day high of $37.30 on volume of 4.5 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 $67.13 and a 52-week low of $20.84 and are now trading 84% above that low price at $38.35 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has declined 3.5%.

SmarTrend recommended that subscribers consider buying shares of Conocophillips on March 25th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $31.03. Since that recommendation, shares of Conocophillips have risen 19.7%. 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