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ConocoPhillips (NYSE: COP) Getting Ready for Next Rally

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ConocoPhillips (NYSE: COP) Getting Ready for Next Rally

ConocoPhillips (NYSE: COP)is an American multinational energy corporation that was created through the merger of American oil companies Conoco and Phillips Petroleum Company on August 30, 2002.

Since February 2016, COP rallied higher withinan impulsive 5 waves advancefor almost 3 years before ending that cycle in October 2018. Then the stock turned lower into a 7 swings move within aDouble Three structurewhich ended on August 2019. Since then the stock started bouncing higher and ideally the pullbacks will remain supported above $50 low for the stock to resume the rally within the daily cycle higher aiming for a break above 2018 peak which will open a bullish sequence with a minimum target at equal legs area $99 $110.

The overall technical picture for COP is turning bullish but until it takes 2018 peak the stock will still have the risk of a potential double correction. With Oil expectation to trade higher toward $100, we also expect the related stocks to follow the same path which will allow COP toremain supported in the coming few years.

ConocoPhillips COP 1.20.2020

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About the author  (by EME PROCESSING AND CONSULTING LLC) was founded in 2005 by Eric Morera. Since inception our company has provided tailored Financial Market Services to thousands of clients.

ElliottWave-Forecast has built a reputation on accurate technical analysis and a winning attitude. By successfully incorporating the Elliott Wave Theory with Market Correlation, cycles, proprietary pivot system, we provide precise forecasts with up-to-date analysis for 42 instruments including FX majors, Gold, Silver, Copper, Oil, TNX and major Equity Indices. Our clients also have immediate access to our proprietary actionable trade setups, market overview, 1 Hour, 4 Hour, Daily & weekly wave counts. Weekend webinar, Live Screen Sharing Sessions, Daily Technical Videos, Educational Resources, and 24 Hour chat room where they are provided live updates and given answers to their questions.

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