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ConocoPhillips Set to Possibly Rebound After Yesterday's Selloff of 2.47%
Nov 07, 2012 (SmarTrend(R) News Watch via COMTEX) --
ConocoPhillips (NYSE:COP) traded in a range yesterday that spanned from a low of $56.57 to a high of $57.55. Yesterday, the shares fell 2.5%, which took the trading range below the 3-day low of $57.28 on volume of 7.3 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.
SmarTrend recommended that subscribers consider buying shares of ConocoPhillips on June 29th, 2012 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $55.57. Since that recommendation, shares of ConocoPhillips have risen 4.8%. We continue to monitor COP for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.
ConocoPhillips share prices have moved between a 52-week high of $59.68 and a 52-week low of $50.41 and are now trading 13% above that low price at $56.78 per share. The 200-day and 50-day moving averages have moved 0.10% higher and 0.11% higher over the past week, respectively.
Write to Chip Brian at cbrian@mysmartrend.com
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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.MySmarTrend.com
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