COP - excellent breakout

Ben_1148x2 Updated   
NYSE:COP   ConocoPhillips
Following a five-month decline from its all-time high in November 2022, ConocoPhillips ( COP ) has spent the subsequent five months consolidating within an area of value in its long-term upward channel, establishing strong volume support.

Historically, we've observed COP forming triangles and making measured movements on breakouts within this channel. If the breakout we're witnessing this week aligns with past price action, we could anticipate a new range extending as high as $124. It's worth noting that the analyst consensus 12-month price target stands at $130.

In a previous post, I mentioned that the gold/oil ratio relative to energy was signaling a bottom, which further confirms this opportunity with COP.

I'm already long on COP. My strategy involves additional accumulation between $108-110, profit-taking between $123-125, and setting a stop loss between $97-98. As always, it's crucial to monitor market trends and adjust strategies accordingly.
9/5 update. First profit taking target reached at $123.50. The next target is ~$133, but the rest of the trade will be managed by edging up a stop loss