The PEAD projected a Neutral outlook for $COP after a Positive over reaction following its earnings release placing the stock in drift B with an expected accuracy of 100%.
COP is in triangle position for searching end and breakout. Expect one more upside with throw over and in case of that between 126-130 to a short entry.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in purple with invalidation in red. Confirmation level, where relevant, is a pink dotted, finite line. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore...
COP daily signs of reversal near all time high no clean candle entry. However so close to all time high and we go lower, it's probably the beginning of waver 3 down trend. Stop above all time high.
COP bearish set up hammer on daily plus wave C on daily / weekly and wave A on monthly.
Target can be moved down to $70 once we see an action dynamic around point of control and MA 100 and 200.
Conoco Phillips on the move. Two week minor pullback and breaking out.
IQ has always and will always, get all the praise; but discipline gets the job done ~Mark Ritchie
Lose like a pro and keep trading, or lose like a novice and quit ~Mark Ritchie
The PEAD projected a Bullish outlook for $COP after a Positive Under over reaction following its earnings release placing the stock in drift A with an expected accuracy of 22.22%.
COP has formed a large up channel (white lines)
Price has broken out of this channel, the top channel band will now likely act as support for price
This will ultimately lead to continuation upwards for price, in a more aggressive manner (shown with green bars pattern)
ConocoPhillips
Short Term
We look to Buy at 87.72 (stop at 84.15)
Preferred trade is to buy on dips. We are trading at oversold extremes. Previous support located at 87.50. We have a 61.8% Fibonacci pullback level of 87.61 from 65.06 to 124.08. We therefore, prefer to fade into the dip with a tight stop in anticipation of a move back higher.
Our profit...
Post breakout shakeout makes this setup interesting. Oils stocks are leaders and we may be finding a bottom on the market for now. Even tho my personal opinion tells me this stocks already had their run, price and volume action tells me otherwise. I will be disciplined with my methodology and buy a small position as a toe in water.
Entry: at the market opening
Stop loss: closing below 95
Reward/Risk: 2
Target range: 120
Time Frame: 4-6 wks
Possible gain: 20%%
Possible loss: 5-10%%
Position size: 5 % of trading capital
You can see the most important support(green line) and resistance (red line) levels.
Best,
Dr. Moshkelgosha M.D
DISCLAIMER
I’m not a certified financial...
Conoco Phillips nice blue sky breakout after healthy VCP pattern, looking for $120 Magnet
I'm long JUN 117 calls up 95% , might sell some calls against it but chart looks strong IMO and looking for more upside first
The PEAD projected a Bullish outlook for $COP after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 25%.
