Good technical signals and a possible breakout for CONOCOPHILLIPS.

Our stock screener has spotted CONOCOPHILLIPS (NYSE:COP) as a possible breakout candidate. A technical breakout setup pattern occurs when the stock is consolidating after a nice uptrend. Whether the actual breakout occurs remains to be seen of course, but it may be interesting to keep an eye on NYSE:COP.

Zooming in on the technicals.

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

Overall COP gets a technical rating of 10 out of 10. Both in the recent history as in the last year, COP has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long and short term trends are both positive. This is looking good!
• When comparing the yearly performance of all stocks, we notice that COP is one of the better performing stocks in the market, outperforming 98% of all stocks. On top of that, COP also shows a nice and consistent pattern of rising prices.
• COP is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 84% of 404 stocks in the same industry.
• COP is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so COP slightly outperforms the market at the moment.
• In the last month COP has a been trading in the 85.29 - 104.44 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

How do we evaluate the setup for NYSE:COP?

Next to the Technical Rating, the Setup Rating of a stock determines to which extend the stock is consolidating. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. For NYSE:COP this score is currently 8:

Besides having an excellent technical rating, COP also presents a decent setup pattern. Prices have been consolidating lately and the volatility has been reduced. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 94.81, a Stop Loss order could be placed below this zone.

Trading setups like NYSE:COP

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Of course, there are many ways to trade or not trade NYSE:COP and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

More breakout setups can be found in our Breakout analyzer.