CONOCOPHILLIPS is setting up nicely for a breakout.

CONOCOPHILLIPS (NYSE:COP) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:COP.

What is the technical picture of NYSE:COP telling us.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Taking everything into account, COP scores 8 out of 10 in our technical rating. This is due to a decent performance in both the short and medium term time frames. Compared to the overall market, COP is only an average performer.

• Both the short term and long term trends are positive. This is a very positive sign.
• In the last month COP has a been trading in the 111.30 - 119.56 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, COP did better than 81% of all other stocks. However, this overall good ranking is mostly due to the recent strong move.
• COP is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 68% of 217 stocks in the same industry.
• COP is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so COP is lagging the market.

Our latest full technical report of COP contains the most current technical analsysis.

Why is NYSE:COP a setup?

In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the extent of consolidation in the stock based on multiple short-term technical indicators. Currently, NYSE:COP has a 9 as its setup rating:

Besides having an excellent technical rating, COP also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 117.07, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

Trading breakout setups.

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.