Resistance

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>COP stock price is trading above the key moving averages showing bullishness.</a> </li> 
 <li> <span>2</span> <a>ConocoPhillips stock experiencing bearish pressure from the supply zone of the $126 level.</a> </li> 
</ul> 
<p>COP showed a strong chart structure in the recent trading sessions. However, in the previous session, it faced mild weakness in the trend. The price was trading above the key moving averages and reflected the buyers’ power. The sellers were wary of the competition and waited for a decline to show their influence. But seeing the rise, they were closing their positions and staying on the sidelines. The buyers kept making long positions and steadily moved toward the $125 mark.</p> 
<p>ConocoPhillips stock was trading at $119.80 at the time of writing with a drop of 2.38% for the day, showing bearishness in the last trading session. The trading volume for the day was 5.309 Million. The market cap of ConocoPhillips stock was $143.459 Billion. The stock displayed the bulls’ strength and maintained the gains, leading the way.</p> 
<p>On the daily chart, COP stock stayed on the top, near the supply zone, holding the gains convincingly. Buyers have an edge and have dominated the past few trading sessions. Moreover, the price persisted in forming higher highs, and sellers were trapped during the rebound.</p> 
<p>As per the stock technicals, analysts maintained a strong buy rating, and the target price of $160 showed the bullishness on the chart.</p> 
<h2 class="wp-block-heading" id="strong-technical-analysis-of-cop-stock-price-in-1-d-timeframe-strong"><strong>Technical Analysis of COP Stock Price in 1-D Timeframe</strong></h2> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="455" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-1024x455.png" alt="" class="wp-image-172564" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-1024x455.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-300x133.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-768x341.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-1536x683.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-750x333.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054-1140x507.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1054.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: COP.1D.NYSE by <a href="https://www.tradingview.com/x/wus6BdpS/" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>Currently, COP stock price is trading above the 50 and 200-day SMAs (simple moving averages), which are supporting the price momentum.&nbsp;</p> 
<p>However, if buying volume adds up, then the price might support bullish momentum by making higher highs and new highs. Hence, the COP <a href="https://www.thecoinrepublic.com/2023/09/21/cop-stock-forecast-will-nyse-cop-about-to-boost-upwards/" target="_blank" rel="noopener noreferrer nofollow">stock price</a> is expected to move upwards giving bullish views over the daily time frame chart.</p> 
<p>The current value of RSI is 59.59 points. The 14 SMA is above the median line at 58.62 points which indicates that the COP stock is bullish. The MACD line at 3.96 and the signal line at 2.74 are above the zero line. A bullish crossover is observed in the MACD which signals strength in the momentum of the ConocoPhillips stock price.</p> 
<h3 class="wp-block-heading" id="strong-weekly-charts-price-analysis-strong"><strong>Weekly Charts Price Analysis</strong></h3> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large"> 
  <img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-1024x456.png" alt="" class="wp-image-172563" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053-1140x507.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/09/image-1053.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px"> 
  <figcaption class="wp-element-caption">
    Source: COP.1D.NYSE by TradingView 
  </figcaption> 
 </figure> 
</div> 
<p>The weekly charts of COP stock reveal that the buyers have been dominant. The stock has been on an upward trend, as it has broken above the key EMAs. The technical indicators confirm the bullish sentiment, as the RSI is near the oversold zone at 60 and the MACD shows a bullish crossover with green bars. These signals indicate that the stock may go up in the coming weeks.</p> 
<h4 class="wp-block-heading"><strong>Summary</strong></h4> 
<p>COP stock oscillators are currently indicating that the stock is overbought. Investors are not very optimistic regarding the stock. The MACD, RSI, and EMAs are emphasizing positive signs and imply that the uptrend may continue in the ConocoPhillips stock price. Price action suggests that the investors and traders are bullish on the 1-Day time frame. The price action reflects a bullish perspective at the moment. However, investors and traders should wait for proper setup for the next move and avoid FOMO.</p> 
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4> 
<ul> 
 <li><strong>Support Levels:</strong> $114.02 and $110.75</li> 
 <li><strong>Resistance Levels:</strong> $126.05 and $130.00</li> 
</ul> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.</p>

COP Stock: ConocoPhillips Stock Price Targets For Oct 2023

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