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Watch for Shares of Conocophillips (COP) to Approach Resistance at $41.72

Comtex SmarTrend(R) - Wed Aug 12, 9:11AM CDT

Conocophillips (NYSE:COP) has opened bullishly above the pivot of $40.15 today and has reached the first level of resistance at $40.71. Investors may be interested in a cross of the next upside pivot targets of $41.72 and $43.29.

Conocophillips has overhead space with shares priced $40.79, or 44.0% below the average consensus analyst price target of $72.85. The stock should find initial resistance at its 50-day moving average (MA) of $41.62 and further resistance at its 200-day MA of $48.11.

Over the past year, Conocophillips has traded in a range of $20.84 to $67.13 and is now at $40.79, 96% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Conocophillips on June 15th, 2020 by issuing a Downtrend alert when the shares were trading at $42.38. Since that call, shares of Conocophillips have fallen 6.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to SmarTrend at cs@mysmartrend.com

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