COP breaks back above 100-day moving average
ConocoPhillips (COP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, COP ended the month -0.38% lower at 42.02 after gaining $0.72 (1.74%) today, slightly outperforming the S&P 500 (1.54%). Closing above Monday's high at 41.35, the stock confirmed its breakout through the previous session high after trading up to $0.99 above it intraday.
Daily Candlestick Chart (COP as at Jun 30, 2020):
Tuesday's trading range has been $2.06 (5.04%), that's slightly above the last trading month's daily average range of $1.85. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for COP.
One bullish candlestick pattern matches today's price action, the White Candle.
ConocoPhillips managed to close back above the 100-day moving average at 41.28. When this moving average was crossed above the last time on June 25th, COP actually lost -4.07% on the following trading day. After spiking up to 42.34 during the day, the share found resistance at the 50-day moving average at 42.27.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the nearby swing low at 39.92 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for ConocoPhillips. Out of 19 times, COP closed higher 57.89% 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 63.16% with an average market move of 0.65%.