COPH34 trade ideas
COP AB=CD, short with various retracement targetsToday completes a perfect AB=CD pattern for COP. First obvious short target is the .382 retracement from D, next target is the long term trendline, next target is C, and finally the last target is .786 to .886 of AB. These are my targets and are influenced by confluences I see (SR levels, fib levels, trendlines, harmonics) - you may have different ones =)
Can the arc take COP to the 1.382 extension?We have a bull flag forming now with a wolfe wave target of 79.50, at which point breaking the arc is extremely likely. Then I'm predicting a retracement back down to 69 to 70.
COP - 3RD WAVE DOWN THE LADDER INTO THE BUY ZONEthis is based on the OTE sweet spot retracement level from the swing high (thanks CRInvestor!). Not only is the sweet spot a major fibonacci zone, it's also a retest of previous price control point that has been tested at least 4 times.
COP elliott wave and fibonacci analysisLook to short COP if resistance is confirmed at around 71.5. target is ~67.7, which is a good support level and the 38.2% fibonacci retracement level.
Intra-day COP Trading LevelsThis morning, leading energy stock ConocoPhillips (NYSE:COP) is coming under some selling pressure. COP stock is trading lower by 0.71 cents to $73.64 a share. The stock is pulling back from a new 52-week that was made just yesterday. Traders should watch for intra-day support levels around the $73.27, and $72.95 levels. Both support areas could give COP stock an intra-day bounce. Traders must make sure that they watch the pattern that is formed over the next few hours, any consolidation just above a support level could negate the strength of the support area. Once again, these are day trading levels only.
Nicholas Santiago
www.InTheMoneyStocks.com
HOLD COPIn my opinion, we should hold COP. For short term ( . . . 2 months), I would say it is a safe choice. :)
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