Bearish DailyPlay for Wednesday May 17th, 2017 – ConocoPhillips (COP)
The bearish DailyPlay we chose for Wednesday May 17th is ConocoPhillips (COP). COP is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 2.19% move lower and its 1m and 6m trend has turned bearish on 4/17 while bouncing lower off its $69 resistance level.
ConocoPhillips’s 1m and 6m trends turned bearish today and just bounced lower off its $28 resistance level on high volume. With a technical score of 5 (out of 10), COP is a strong bearish stock that looks to continue lower.
As a stop loss, if COP was to trade above $48 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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