NYSE:COP may be ready to breakout.

CONOCOPHILLIPS (COP)       119.19   -2.68 (-2.2%)


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NYSE:COP may be ready to breakout.9 days ago - Chartmill

CONOCOPHILLIPS (NYSE:COP) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:COP.

COP Daily chart on 2023-01-23

What is the technical picture of NYSE:COP telling us.

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Overall COP gets a technical rating of 8 out of 10. Both in the recent history as in the last year, COP has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • The long and short term trends are both positive. This is looking good!
  • Looking at the yearly performance, COP did better than 91% of all other stocks. We also observe that the gains produced by COP over the past year are nicely spread over this period.
  • COP is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 74% of 394 stocks in the same industry.
  • COP is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so COP slightly outperforms the market at the moment.
  • In the last month COP has a been trading in the 109.84 - 123.71 range, which is quite wide. It is currently trading near the high of this range.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:COP currently has a 8 as setup rating:

Besides having an excellent technical rating, COP also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is a support zone below the current price at 120.26, a Stop Loss order could be placed below this zone.

How to trade NYSE:COP?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

Of course, there are many ways to trade or not trade NYSE:COP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Our Breakout analyzer lists more breakout setups and is updated daily.

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