COP closes above its opening price after recovering from early selling pressure


ConocoPhillips (COP) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team

Highlights

COP closes above its opening price after recovering from early selling pressure
COP pushes through 50-day moving average
COP closes within previous day's range

Overview

COP ended the week -5.82% lower at 73.83 after gaining $1.04 (1.43%) today, slightly outperforming the S&P 500 (1.42%). Trading up to $1.13 lower after the open, ConocoPhillips managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (COP as at Oct 12, 2018):

Daily technical analysis candlestick chart for ConocoPhillips (COP) as at Oct 12, 2018

Friday's trading range has been $1.66 (2.25%), that's slightly above the last trading month's daily average range of $1.55. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for COP.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on September 25th, COP actually lost -1.06% on the following trading day.

The market managed to break above the 50-day moving average at 73.78 today.

Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 76.83.

Although the stock is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for ConocoPhillips. Out of 77 times, COP closed higher 57.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.04% with an average market move of 0.88%.


Market Conditions for COP as at Oct 12, 2018

Loading Market Conditions for COP (ConocoPhillips)...
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