COP is testing its support at 61.25 (100% Fibonacci extension, 61.8%, 50% & 38.2% Fibonacci retracement, horizontal overlap support) where it could potentially rise to its resistance at 68.34 (38.2% Fibonacci retracement, horizontal swing high resistance).
Stochastic (89, 5, 3) is approaching support at 4.55% where a corresponding bounce could occur.
COP riding the cheap energy supply of LNG with technology and gas sales (LNG, CNG).
Looks like good buy based on trend and MACD for next year for those looking for safe haven. Dividend could be 4x higher. 1.5% Dividend
LNG expands to 600 x its volume to make natural gas, so as compressed liquid cheap to transport provided storage...
Upward momentum is seemingly exhausted in both daily and weekly timeframe. Price jumped down out of the uptrend triangle channel in daily, plus bearish convergence appear in MACD histogram accelerate SHORT bias
Really, really, not liking it. Surprisingly, daily chart @ first glance caught me off guard - thought it was either super dumb bullish or just too bullish to sustain itself. I'd much rather jump on a trade that's 100% to me, but since I was thrown off @ first, I definitely won't throw out the possibility of more upside towards $75. Bearish point of view - I'd...
Time for some mean reversion play. COP is the sore thumb sticking out amongst the oil plays with the stock making new highs post Feb crash. With results coming up and WTI completing its own 3-Drive formation as the pipes out of the Permian get clogged, it would be a good idea to put on some downside directional trade on COP. Given the out performance vs. the...
I was expecting COP to drop soon, did not think it would be so quick nor a one day event. If yesterday was truly the bottom and wave 4, we should be on our way to 63 level and beyond. This should occur within 2 weeks
Back in February 16 to 17 I shared 3 chart ideas that look like this chart
this chart is a mirror of the past ideas based in Resistance becomes Support.
Resistance breakout, pullback and swing low confirmed
Red arrows speak for me