From the technical point of view, it should start a down movement. After a confirmed double top, we have a retest on the price pattern's base line (a flag formation, confirmed by a decrease in the ). First target for the flag would be the local support area between 48.00 and 50.50. Full target for the double top would be the low of the last rising trend, at the 34.70$
Uh, you realize COP spun-off its refinery business right? That was not a down-move, that was a spin-off. There is no confirmed double top, though it and the rest of the energy sector might be making one now. Thus far most energy stocks have managed to hold over the top of their trading range.