Don't Ignore This Chart!

ConocoPhillips Breaks Downtrend; SCTR Soars

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ConocoPhillips (COP) saw its SCTR soar nearly 47 points after an 8.81% increase in its stock price broke its four month downtrend.  COP's strength began earlier this week on a reversing candle at gap support and culminated with today's breakout.  Here's the chart:

Prior to this most recent uptrend, COP was oversold with its RSI near 30.  That's an unusually low level considering that COP is in a longer-term uptrend.  The SCTR closed at 77 on Thursday, but I'd expect to quickly see the December SCTR high just below 90 tested sooner rather than later.

Happy trading!

Tom


 

Tom Bowley
About the author: is the Chief Market Strategist at EarningsBeats.com, where he provides stock market education, guidance, and trading strategies using a unique combination of technical, fundamental, and historical analysis. Tom provides EarningsBeats.com members with four portfolios (Model, Aggressive, Income, and Value), all designed to beat the benchmark S&P 500, and a revolving Watch List of hundreds of companies reporting strong quarterly earnings (must beat both revenue and EPS estimates) and exhibiting technical strength as well. These companies comprise EarningsBeats' annotated Strong Earnings ChartList (SECL), from which Tom trades exclusively. Tom writes a Daily Market Report (DMR) for members to include an executive summary, market outlook, sector/industry watch, and trading ideas. Learn More
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