SIACharts Logo

Commentary >

ConocoPhillips (COP) - August 10, 2023

Benefitting from a rebound in energy prices, ConocoPhillips (COP) has been trending back up the rankings in the SIA S&P 100 Index Report since April. Yesterday it climbed another 6 spots to 20th place, and it is up 31 positions in the last month. This week, ConocoPhillips has returned to the Favored Zone for the first time since November.

ConocoPhillips (COP) shares have been under steadily accumulation since bottoming out in the fall of 2020. A downswing in late 2022 and early 2023 bottomed out at another higher low near $90.00 keeping the underlying uptrend intact. In recent weeks, the shares have resumed their primary uptrend with a breakout over $110.00 completing a bullish Ascending Triangle pattern.

Initial upside resistance may appear in the $130.00 to $135.00 zone where the late 2022 peak and a measured move converge, followed by $150.00 where a measured move and round number converge. Initial support appears near the $100.00 breakout point, followed by trend support near the $100.00 round number.

Bouncing back from a winter selloff that established a higher low, ConocoPhillips (COP) has embarked on a new upswing. Since the beginning of July, the shares have completed bullish Double Top and Spread Double Top breakouts and snapped a downtrend line.

Initial upside resistance appears at the November 2022 peak near $131.40, followed by $136.70 and $147.95 on trend which are based on horizontal and vertical counts, and the $150.00 round number. Initial support appears near $107.75 based on a 3-box reversal.

With a bullish SMAX score of 8, COP is exhibiting strength against the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Related Posts

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.