COP closes below its opening price unable to hold early session gains
ConocoPhillips (COP) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
COP finished the week -0.24% lower at 58.82 after losing $0.24 (-0.41%) today on low volume, slightly underperforming the S&P 500 (-0.16%). Trading $0.33 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 58.86, ConocoPhillips confirmed its breakout through the previous session low after trading up to $0.17 below it intraday.
Daily Candlestick Chart (COP as at Jun 14, 2019):
Friday's trading range has been $0.70 (1.19%), that's below the last trading month's daily average range of $1.24. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for COP.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 59.62 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 57.88 where further sell stops could get activated. As prices are trading close to June's high at 60.20, upside momentum might speed up should the market mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for ConocoPhillips. Out of 383 times, COP closed higher 55.35% 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 52.48% with an average market move of 0.48%.