ConocoPhillips is Ready to Make Hay, Soon
- Posted by Greg Harmon
- on August 9th, 2012
ConocoPhillips, $COP, has been in a $4 wide rising channel since finding support at a retest of the previous channel bottom at 50 in the beginning of June. The chart below shows it now making a Tweezers Top at 57.35 at the top of that channel with the Relative Strength Index (RSI) stalling at its previous high. But the Moving Average Convergence Divergence indicator (MACD) is positive and still rising, presenting a diverging view. With the 50 day Simple Moving Average (SMA) crossing up through the 100 day SMA and making a Golden Cross two weeks ago the case for a further rise is
ConocoPhillips, $COP, Daily
strengthened. resistance higher comes at 58.21 before you need to look back into 2008 and the all time highs at 62.50. The weekly chart at the bottom shows that the 58 area was resistance back in 2007 as well before setting that all time high, so some time in this area is not unexpected. But take a look at the Andrew’s Pitchfork. The price fall was caught at the dotted Hagopian trigger Line and has rebounded solidly from there to the Lower Median Line. It does not want to go lower. A continued move along the Lower Median Line will break though the 58.20 area within a couple of weeks. Watch that level as a long trigger.
ConocoPhillips, $COP, Weekly
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Gregory W. Harmon CMT, CFA, has traded in the Securities markets since 1986. He has held senior positions including Head of Global Trading, Head of Product Development, Head of Strategy and Director of Equity. (More)
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