COP closes lower for the 2nd day in a row
ConocoPhillips (COP) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, COP ended the week 1.09% higher at 58.62 after losing $0.20 (-0.34%) today on low volume, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. 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 Feb 14, 2020):
Friday's trading range has been $0.92 (1.56%), that's slightly below the last trading month's daily average range of $1.24. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for COP.
Prices are trading close to the key technical support level at 57.65 (S1). Prices are trading close to the key technical resistance level at 59.33 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 56.43, downside momentum might speed up should the share break out to new lows for the year.