Integrated energy giant ConocoPhillips (COP) recently returned to the Green Favored Zone in the SIA S&P 500 Index Report from a drop into the Red Unfavored zone. COP continues to climb up the rankings, finishing yesterday in 80th place, up 25 spots on the day and up 135 spots in the last month.
A significant breakout is underway in ConocoPhillips (COP) which recently blasted through $60.50 to complete a bullish Ascending Triangle pattern.
This move, along with the recent snapping of a downtrend line, confirms the strength of the current uptrend and signals the start of a new upleg.
A measured move from the triangle and a retest of the 2018 peak suggest that next potential upside resistance may appear in the $72.50 to $73.50 area, then the $75.00 round number. Initial support moves up to the $60.00 round number from the 50-day moving average near $56.50.
ConocoPhillips (COP) has been trending upward since November, snapping out of a downtrend, establishing an uptrend of higher lows, and completing a series of bullish pattern breakouts. Recently, the shares regained $60.00 and completed a bullish Double Top clearing its March high to signal the start of a new upleg.
Previous column highs suggest that next potential resistance may appear near $68.10, then $73.70 on trend. Initial support appears near $58.10 based on a 3-box reversal and a retest of previous support/resistance.
With a perfect SMAX score of 10, COP is exhibiting strength across the asset classes.
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