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Conocophillips (COP) Breaks Through Support at $31.65

By Amy Schwartz

Shares of Conocophillips (NYSE:COP) have bearishly opened below the pivot of $32.33 today and have reached the first support level of $31.65. Analysts will be watching for a cross of the next downside pivot targets of $30.81 and $29.29.

Conocophillips share prices have moved between a 52-week high of $67.42 and a 52-week low of $20.84 and are now trading 51% above that low price at $31.51 per share. The 200-day and 50-day moving averages have moved 0.77% lower and 3.65% lower over the past week, respectively.

Potential upside of 131.2% exists for Conocophillips, based on a current level of $31.51 and analysts' average consensus price target of $72.85. The stock should find initial resistance at its 50-day moving average (MA) of $41.66 and further resistance at its 200-day MA of $54.45.

SmarTrend is tracking the current trend status for Conocophillips and will alert subscribers who have COP in their portfolio or watchlist when shares have changed trend direction.

Keywords: pivot alerts ConocoPhillips

Ticker(s): COP