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- 1 COP stock is trading near important key resistance and COP might show a thrust in the upcoming weeks.
- 2 ConocoPhillips ( NYSE: COP) stock’s 52-week price range is around $91 – $138.
- 3 The stock ended at $114.80 on August 24th, 2023, losing 0.87% from the previous day.
ConocoPhillips has performed well in the last month, inclined by 0.38%, and rose by 10.20% in the last six months. ConocoPhillips (NYSE: COP) stock has a negative year-to-date return of 1.51% and a one-year positive return of 6.19%. The average volume is 4.158 Million and the current volume is 3.539 Million where the current volume is below average volume. Moreover, ConocoPhillips announces dividends every month and the upcoming dividend will be coming on the 27th of September 2023. The amount will be $0.60 and the payment date will be Monday, October, 16th, 2023.
ConocoPhillips is a global energy company that produces and sells oil, natural gas, and liquefied natural gas in 17 countries. The company had a market capitalization of $137.472 Billion and a revenue of $78.582 Billion. The stock has an earnings per share of $10.42 and a dividend yield of 1.76%.
The COP stock took support from a low of $91 on March 16th made higher highs and lows and made continuous breaks of structure. It was following the trendline sharply in its upward rally of almost 30% by July 23rd. The recent major support it took at the Fibonacci 50.00% level around the price of $105, and reached the highest point at $119 by 25th August 2023. For the last couple of days, the price has been facing rejection and the price dropped by a few points and the CMP is $114.80.
Therefore, if the stock price sustains the current level and ConocoPhilips’s price increases, then it might reach the nearest resistance levels of $126 and $135.
However, If ConocoPhillips fails to maintain its current level, the COP price could continue to drag downwards and hit the nearest support levels around $97 and $93.
A break below or above these levels could signal a new trend for the stock price.
ConocoPhillips could benefit from the economic recovery and the high demand for energy, as well as its diversified portfolio and strong cash flow.
COP Stock Price Technical Analysis in 1-D Timeframe
At the time of publishing, ConocoPhillips (NYSE: COP) technical indicators are mostly favorable, indicating a positive trend and a buy signal. The daily chart shows that ConocoPhillips is trading above its 50-day, 100-day, and 200-day moving averages, suggesting a rising momentum. The relative strength index is above the 50 level, implying a strong market sentiment. The MACD and signal line are narrowing towards each other and a bullish crossover is anticipated as the histogram gap is slim.
Summary
ConocoPhillips (NYSE: COP) price action highlights a bullish view. At the time of publishing, the technical oscillators for COP stock price support a bullish trend. Most sought and reliable oscillators such as MACD, RSI, and EMA highlight upward hints in ConocoPhillip’s price. Moreover, the investors and traders of the stock on the daily time frame chart highlight the bullish sentiments.
Technical Levels
- Support levels: The nearest support levels for COP stock price are $97 and $937.
- Resistance levels: The nearest resistance levels for the ConocoPhillips stock price are $126 and $135.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
