Shares of ConocoPhillips (NYSE:) are heading for a 5th straight gain. From the October close, COP has gained 35% and will close out the week above its 200-day moving average for the first time since Jan. 24. With layers of support in place we believe COP is set up well for more upside. The September/October highs ($37.60-$36.00) were cleared on Monday and are now a major support zone.
Volume has been very strong this month. Nine upside days, including the previous five sessions, recorded better than average trade.
Note: We are long COP in some managed accounts.
You can read Gary S. Morrow’s original post here.
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