Can ConocoPhillips Break Out?

NYSE:COP   ConocoPhillips
ConocoPhillips has traded in a flat range since the end of winter, but now the oil and gas driller could be attempting a breakout.

The first pattern on today’s chart is the $110 level. It was the high for both May and June. COP’s rally this month pushed it through that price. This week, it held the level. Has old resistance become new support?

Next are the series of higher monthly lows since March. Those may indicate that longer-term buyers are lurking beneath the surface.

Third, some shorter-term signals are potentially bullish: MACD is rising and the 8-day exponential moving average (EMA) is above the 21-day EMA.

Finally, the most recent high around $112 is near the April high and the 200-day simple moving average. Some traders may view a close above those levels as confirmation of a breakout.

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