ConocoPhillips (COP) – Bright Spot in Energy – Jan 16th, 2020
Bullish: COP $65.00 – Energy
IV Percentile: 20%
The bullish DailyPlay we chose for Thursday, Jan 16th is ConocoPhillips (COP). COP is part of the Energy Sector (XLE). XLE has rallied 5.30% higher over the past month and its 1m and 6m trend turned bearish on Jan 10th and recently but has found support around $59.
ConocoPhillip’s 1m and 6m trend turned bullish on Dec 6th and recently broke out above its $64 resistance level. With a technical score of 7 (out of 10), COP is a strong stock that will likely continue higher.
As a stop loss, if COP was to trade below $64 for multiple days, this would invalidate our analysis and suggest cutting losses on the trade.
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