DTT Buzz
Exclusive Market Analysis, Alerts and Commentary from the DaytradeTeam trading staff
Thursday, May 15, 2008
Hedge "Pain At The Pump" With ConocoPhillips (NYSE: COP)
A DaytradeTeam member asked me about the set up in ConocoPhillips (NYSE: COP) yesterday while were discussing some set ups within the Live Trading Room. I quickly noted a very strong potential set up in the stock.
COP has a wide rectangle pattern, AKA consolidation pattern, in tact per the 1 year chart. The support resides in the 73 - 75 range, and the resistance resides at approximately 89.50. COP pushed to new all time highs yesterday, but pulled back and closed below 89.50 resistance. Check out the 1 year chart below for a visual...
This set up does not give a clear indication as to whether we should buy or short COP. It could easily pull back off resistance, but could just as easily break resistance and rally. We have a few key things we're watching, and we are highly likely to take a position in the stock in the very near future.
Happy Trading,
Nick Fenton
Sr. Trade Analyst
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