COP Stock Technical Analysis

COP Stock Technical Analysis

COP Stock Technical Analysis: In-depth analysis of COP stock and also check the lastest trade recommendation with respect to COP.

ConocoPhillips is one of the better-performing stocks in the Oil, Gas & Consumable Fuels industry. It is listed in NYSE under the ticker symbol COP.

Latest COP Stock Price

COP Stock Performance on the Last Trading Day (December 8th)

  • Open Price: $114.8
  • Close Price: $112.6
  • Change in Price: -1.98%
  • Market Cap: $140,307,602,032

COP Stock Technical Analysis: Moving Average, Support, and Resistance

The oil and gas stock has been surging in the last few months but with the price of oil and gas starting to fall, the oil and gas stock has been pulling back. COP has been trading in the 111.88 – 135.68 range in the last 30 days, which is quite wide. From trading below $80 in the mid of July 2022, COP stock surged to over $115 by the mid of September 2022. There was a pullback after that but the price once again started to surge and reached over $135 in the first week of November. COP stock price is currently following a downward trend.

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The chart above may not be encouraging for both long-term as well as short-term traders. COP’s 52-week high was $138.49 and it is trading well below it, and the 52-week low was $66.06.

The COP stock price is following a descending channel. It went below the 50-day moving average, throwing a short-term negative signal, and now it is on the verge of going below the 200-day moving average. The long-term signal is set to turn negative on the next trading day. COP stock prices have been falling strongly lately, it is better to avoid new long positions.

The first level of support for COP is at $107.87 and the resistance is $117.70. If COP fails to hold on to this support level, COP shares may fall below or close to $100. As far as resistance is concerned, COP is unlikely to breach this resistance on the next trading day.

The current momentum is Bearish.

COP Stock Technical Analysis: RSI and Momentum Oscillator

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The RSI of COP is currently 31.66. The sellers have complete control of the market as per the RSI. It is on the verge of entering the oversold territory. COP price is set to fall further on the next trading day.

The Momentum oscillator of COP stock is below 0. This is not a good indicator. The MO shows that the stock is highly bearish.

COP Stock Technical Analysis: Recommendation

Count: 4 Bearish, 0 Neutral, and 0 Bullish.

Considering the technical indicators, COP is highly Bearish currently. The trade recommendation for the next trading day is a Sell.

**The following analysis is for educational purposes only. Please do your own research before making any investment decisions.**

Read: BOIL Stock Technical Analysis

COP Stock Technical Analysis
Vineet

Vineet

Vineet Agarwal is a trained technical analyst and avid stock trader. A graduate from a Top Technology Institute, Vineet carries out extensive technical and secondary research for this authored stock forecasts.