Can ConocoPhillips Break Out?
ConocoPhillips has traded in a flat range since the end of winter, but now the oil and gas driller could be attempting a breakout.
The first pattern on today’s chart is the $110 level. It was the high for both May and June. COP’s rally this month pushed it through that price. This week, it held the level. Has old resistance become new support?
Next are the series of higher monthly lows since March. Those may indicate that longer-term buyers are lurking beneath the surface.
Third, some shorter-term signals are potentially bullish: MACD is rising and the 8-day exponential moving average (EMA) is above the 21-day EMA.
Finally, the most recent high around $112 is near the April high and the 200-day simple moving average. Some traders may view a close above those levels as confirmation of a breakout.
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The first pattern on today’s chart is the $110 level. It was the high for both May and June. COP’s rally this month pushed it through that price. This week, it held the level. Has old resistance become new support?
Next are the series of higher monthly lows since March. Those may indicate that longer-term buyers are lurking beneath the surface.
Third, some shorter-term signals are potentially bullish: MACD is rising and the 8-day exponential moving average (EMA) is above the 21-day EMA.
Finally, the most recent high around $112 is near the April high and the 200-day simple moving average. Some traders may view a close above those levels as confirmation of a breakout.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options, futures and cryptocurrencies. See our Overview for more.
Important Information
TradeStation Securities, Inc., TradeStation Crypto, Inc., and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., all operating, and providing products and services, under the TradeStation brand and trademark. TradeStation Crypto, Inc. offers to self-directed investors and traders cryptocurrency brokerage services. It is neither licensed with the SEC or the CFTC nor is it a Member of NFA. When applying for, or purchasing, accounts, subscriptions, products, and services, it is important that you know which company you will be dealing with. Please click here for further important information explaining what this means.
This content is for informational and educational purposes only. This is not a recommendation regarding any investment or investment strategy. Any opinions expressed herein are those of the author and do not represent the views or opinions of TradeStation or any of its affiliates.
Investing involves risks. Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options, futures, or digital assets); therefore, you should not invest or risk money that you cannot afford to lose. Before trading any asset class, first read the relevant risk disclosure statements on the Important Documents page, found here: https://www.tradestation.com/important-information.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.