Benefitting from a rebound in energy prices, ConocoPhillips (COP) has been trending back up the rankings in the SIA S&P 100 Index Report since April. Yesterday it climbed another 6 spots to 20th place, and it is up 31 positions in the last month. This week, ConocoPhillips has returned to the Favored Zone for the first time since November.
ConocoPhillips (COP) shares have been under steadily accumulation since bottoming out in the fall of 2020. A downswing in late 2022 and early 2023 bottomed out at another higher low near $90.00 keeping the underlying uptrend intact. In recent weeks, the shares have resumed their primary uptrend with a breakout over $110.00 completing a bullish Ascending Triangle pattern.
Initial upside resistance may appear in the $130.00 to $135.00 zone where the late 2022 peak and a measured move converge, followed by $150.00 where a measured move and round number converge. Initial support appears near the $100.00 breakout point, followed by trend support near the $100.00 round number.
Bouncing back from a winter selloff that established a higher low, ConocoPhillips (COP) has embarked on a new upswing. Since the beginning of July, the shares have completed bullish Double Top and Spread Double Top breakouts and snapped a downtrend line.
Initial upside resistance appears at the November 2022 peak near $131.40, followed by $136.70 and $147.95 on trend which are based on horizontal and vertical counts, and the $150.00 round number. Initial support appears near $107.75 based on a 3-box reversal.
With a bullish SMAX score of 8, COP is exhibiting strength against the asset classes.
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