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
About the author:
Tom Bowley is the Chief Market Strategist of EarningsBeats.com, a company providing a research and educational platform for both investment professionals and individual investors. Tom writes a comprehensive Daily Market Report (DMR), providing guidance to EB.com members every day that the stock market is open. Tom has contributed technical expertise here at StockCharts.com since 2006 and has a fundamental background in public accounting as well, blending a unique skill set to approach the U.S. stock market.
Learn More
