CONOCOPHILLIPS is setting up nicely for a breakout.

CONOCOPHILLIPS (COP)       102.34   -1.32 (-1.27%)

After market: 102.35 +0.01 (+0.01%)

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CONOCOPHILLIPS is setting up nicely for a breakout.10 days ago - Chartmill

Our stock screener has spotted CONOCOPHILLIPS (NYSE:COP) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:COP.

COP Daily chart on 2022-09-22

Zooming in on the technicals.

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

Overall COP gets a technical rating of 10 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 98% of all other stocks. On top of that, COP also shows a nice and consistent pattern of rising prices.
  • COP is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 81% of 381 stocks in the same industry.
  • COP is currently trading in the upper part of its 52 week range. This is a good signal, certainly because the S&P500 Index is currently trading in the lower part of its 52 week range.
  • In the last month COP has a been trading in the 104.76 - 118.39 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Looking at the Setup

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NYSE:COP scores a 8 out of 10:

COP has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price.

Trading setups like NYSE:COP

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the 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.

Every day, new breakout setups can be found on ChartMill in our Breakout analyzer.


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