COP bullish scenario:
We have technical figure Triangle in US company ConocoPhillips (COP) at daily chart. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration. The company has operations in 17 countries. As of December 31, 2019, the company had proved reserves of 5,262 million barrels of oil, of which 50% was petroleum, 37% was natural gas, 8% was natural gas liquids and 5% was bitumen. The Triangle has broken through the resistance line at 11/11/2020, if the price holds above this level we can have possible bullish price movement with forecast for the next 71 days towards 41.20 EUR. Our stop loss order should be placed at 27.53 EUR if we decide to enter this position.
Fundamentals:
- Oil producer ConocoPhillips, which is buying Concho Resources Inc for $8.3 billion, posted a smaller-than-expected quarterly loss as it benefited from a recovery in crude oil prices from pandemic-driven lows. ConocoPhillips reported a loss of $450 million, or 42 cents per share, compared with third-quarter 2019 earnings of $3.1 billion, or $2.74 per share.
We have technical figure Triangle in US company ConocoPhillips (COP) at daily chart. ConocoPhillips is a multinational corporation engaged in hydrocarbon exploration. The company has operations in 17 countries. As of December 31, 2019, the company had proved reserves of 5,262 million barrels of oil, of which 50% was petroleum, 37% was natural gas, 8% was natural gas liquids and 5% was bitumen. The Triangle has broken through the resistance line at 11/11/2020, if the price holds above this level we can have possible bullish price movement with forecast for the next 71 days towards 41.20 EUR. Our stop loss order should be placed at 27.53 EUR if we decide to enter this position.
Fundamentals:
- Oil producer ConocoPhillips, which is buying Concho Resources Inc for $8.3 billion, posted a smaller-than-expected quarterly loss as it benefited from a recovery in crude oil prices from pandemic-driven lows. ConocoPhillips reported a loss of $450 million, or 42 cents per share, compared with third-quarter 2019 earnings of $3.1 billion, or $2.74 per share.