OptionsPlay DailyPlay

The bearish DailyPlay we chose for Tuesday March 1st is ConocoPhillips (COP). COP is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 0.04% move higher but it’s 6m trend remains bearish and has failed to break above its $58 resistance several times this month.

ConocoPhillips’s 1m and 6m trends turned bearish on 12/07 and recently bounced lower off its $36 resistance level. With a technical score of 2 (out of 10), COP looks positioned to continue this strong bearish trend lower.

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