From the technical point of view, it should start a down movement. After a confirmed , we have a retest on the price pattern's base line (a , confirmed by a decrease in the ). First target for the flag would be the local between 48.00 and 50.50. Full target for the 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.