Conoco Phillips (NYSE) Analysis, Chart, and Trading Idea

#COP
 

The overall trend is ascending. The descending wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state.

Trading idea:

Buy at the formation of the ascending wave structure, when the (A) wave breaches the sloping channel of the downtrend truncated structure;

Stop-loss: under the local minimum of the descending structure (103.20).

Target price levels: 115.30; 126.00.