Conocophillips ($COP) continues to rise inside the clear daily upward impulse with started earlier with the daily Piercing Line candlestick reversal pattern back in April. The price is currently aiming at the major resistance level 61.06 (which stopped the sharp uptrend in March). Given the fact that the price has the freedom of only 0.36 ATR (Average True Range)...
The stock is holding EMA50 as its support area with the price of $51. The stock looks ready to break above the resistance level $55. Our target to reach $59 -$60. Now it's standing in a good price to open a long position. Good risk/reward ratio.
MID-TERM: Bounce off support, backtest of supply line breakout, classic bullish divergence on 4hr, hidden bullish divergence on daily. (not financial advice)
The PEAD projected a Bullish outlook for $COP after a positive under reaction following its earnings release placing the stock in drift A
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Cop are on the move, ABCD chart is done perfectly, now it's Double Bottom turn to do the same.
But first i think must be filled the GAP around 55,37 which is also indicated by Regular Bearish Divergence.
NYSE:COP
After looking at the beat down energy sector and being a part of it I know the cyclical nature of the business. I looked back on COP as its a good baseline of the industry depending on crude price. What i have outlined are the similarites of the last three crashes along with the recovery of COP to a new cycle high. Each consecutive crash was at a lower price...
Hey people, CONOCOPHILLIPS is in a bullish momentum with a large buying volume traded and a shadow of losing buyers. Looking at the TIMEFRAME M1 we see a tombstone with a high volume of purchase carried out with a high probability of breaking the price due to the force of the volume. To go on the next hour and if the buyers are still in the shot, reach the top...
Green Line - Entry Target
Red Line - Exit Target
Pink Line - Stop-Loss
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COP bullish scenario:
We have technical figure Triangle in US company ConocoPhillips (COP) at daily chart. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration. The company has operations in 17 countries. As of December 31, 2019, the company had proved reserves of 5,262 million barrels of oil, of which 50% was petroleum, 37% was natural...
This looks like a big time downtrend when I first looked at this chart
There is a gap over price which may cause R
There is also a FW. Falling wedges can be very bullish at the bottom and signal a reversal if the stock breaks up and out of it in an uptrend
They differ from triangles as both trendlines slope in the same direction and converge
Also an abc...
Falling Wedge
TP 1 = $36.33
TP 2 = $37.61
TP 3 = $41.23
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Looks like a large topping pattern. At minimum looking for a retest of the lows, depending on momentum looks like it could completely collapse to $4-$6
