Conocophillips (
COP) continues to rise inside the clear daily upward impulse with started earlier with the daily Piercing Line candlestick reversal pattern back in April. The price is currently aiming at the major resistance level 61.06 (which stopped the sharp uptrend in March). Given the fact that the price has the freedom of only 0.36 ATR (Average True Range) to rise from the current levels – the intraday correction is not ruled out when Conocophillips approaches the resistance level 61.06. Strongly overbought daily Stochastic at 91.13 adds to the probability of the downward correction from resistance level 61.06.
COP) continues to rise inside the clear daily upward impulse with started earlier with the daily Piercing Line candlestick reversal pattern back in April. The price is currently aiming at the major resistance level 61.06 (which stopped the sharp uptrend in March). Given the fact that the price has the freedom of only 0.36 ATR (Average True Range) to rise from the current levels – the intraday correction is not ruled out when Conocophillips approaches the resistance level 61.06. Strongly overbought daily Stochastic at 91.13 adds to the probability of the downward correction from resistance level 61.06.
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