COP stock price shows a bullish chart structure and trades above the key moving averages, showing buyers’ dominance in the past trading sessions. Moreover, the price action shows a breakout of the consolidation phase, gained momentum above the hurdle of $100 and looks bullish on the charts. Furthermore, the chart structure is favoring the bulls and suggests follow-on buying, which will lead toward $150 in the following sessions.
However, COP stock price is showing an evening star candlestick and failing to sustain near $120, showing that buyers are making efforts, but in front of mighty bears, sellers won in the last trading session and cooled off the initial gains. Moreover, the primary hurdle of $125 is the neckline of the supply zone and needs to be surpassed to extend the rally. COP share price is trading above neutrality and has shown buying momentum for the past sessions. COP stock has shown bullish projections, persists in smashing the hurdles decisively, and is now attempting a range breakout above $125.
At press time, COP stock price is trading at $122.83 with an intraday gain of 0.56%, showing neutrality on the charts. Moreover, the trading volume increased by 2.89% to 5.898 Million, and the market cap is $147.088 Billion. However, analysts maintained a buy rating with a yearly target price of $132.75, suggesting a strong growth outlook for the following sessions.
ConocoPhillips engages in the exploration, production, transportation, and marketing of crude oil, bitumen, natural gas, natural gas liquids, and liquefied natural gas worldwide. It operates through the following geographical segments: Alaska, Lower 48, Canada, Europe, Middle East and North Africa, Asia Pacific, and Other International.
The Alaska segment primarily explores for, produces, transports, and markets crude oil, natural gas, and natural gas liquids. The Lower 48 segment consists of operations in the U.S. and the Gulf of Mexico. The Canada segment consists of oil sands development in the Athabasca Region of northeastern Alberta and a liquids-rich unconventional play in western Canada.
COP Stock Shows Rejection On Daily Charts
On the daily charts, COP stock price is trading above neutrality, trying to enter the bull territory, and attempting to surpass the primary hurdle of $125.
However, sellers have maintained strong resilience there. The evening star candlestick shows rejection from the 78.6% Fib level. However, COP stock has an initial support zone of $120 near the 20-day EMA, where a further bounce can be anticipated.
The RSI curve stayed in the overbought zone, showing a bullish divergence, indicating a bullish chart structure, and suggesting a follow-on buying in the subsequent sessions.
The MACD indicator showed a bullish crossover and suggests a positive outlook on the charts.
Summary
ConocoPhillips stock (COP) price shows a bullish chart structure but cooled off the initial gains, showing profit booking in the last trading session. However, the technicals suggest a follow-up on buying projections and an extension of bullish momentum, which will head the price toward $130, followed by $150 in the upcoming sessions.
Technical Levels
Support Levels: $120 and $110
Resistance Levels: $130 and $135
Disclaimer
The views and opinions stated by the author or any people named in this article are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/09/06/cop-stock-nyse-cop-dangles-near-125-has-the-selloff-begun/