Is ConocoPhillips Trade Over?

Published on Thursday, 26 August 2010 17:51 Written by TradersHuddle Staff

New York, August 26th (TradersHuddle.com) - Shares of ConocoPhillips (NYSE:COP) ended the trading session lower by $1.05 or -1.96% from its previous close. ConocoPhillips' price action formed what is considered to be a bearish engulfing candlestick chart pattern.

ConocoPhillips (NYSE:COP) is the third largest U.S. energy company and the fifth largest refiner in the world. The company operates in several business segments. It explores for and produces petroleum, and refines, markets, supplies, and transports petroleum. ConocoPhillips also gathers and processes natural gas, and produces and distributes chemicals and plastics.

ConocoPhillips' current stock range is defined by calculated support defined at $53.29 and by the resistance level at $58.03, which should be used by traders planning their trades.

Traders wanting to establish a position in ConocoPhillips stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current ConocoPhillips shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: