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Look for Shares of Conocophillips to Potentially Pullback after Yesterday's 13.94% Rise

By Amy Schwartz

Conocophillips (NYSE:COP) traded in a range yesterday that spanned from a low of $30.71 to a high of $31.98. Yesterday, the shares gained 13.9%, which took the trading range above the 3-day high of $31.92 on volume of 7.6 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Conocophillips has traded in a range of $20.84 to $68.22 and is now at $33.87, 63% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 4.3%.

SmarTrend is monitoring the recent change of momentum in Conocophillips. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Conocophillips in search of a potential trend change.

Keywords: rebounders ConocoPhillips

Ticker(s): COP