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.
Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.