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ConocoPhillips (COP) Approaches New Downside Target of $56.77

Print Share

Dec 28, 2012 (SmarTrend(R) News Watch via COMTEX) -- ConocoPhillips (NYSE:COP) has opened bearishly below the pivot of $57.76 today and has reached the first level of support at $57.34. Should the shares continue to fall, the support pivots of $56.77 and $55.78 will be of interest.

Potential upside of 8.2% exists for ConocoPhillips, based on a current level of $57.24 and analysts' average consensus price target of $61.95. ConocoPhillips shares have support at the 50-day moving average (MA) of $57.17 and additional support at the 200-day MA of $56.05.

In the past 52 weeks, ConocoPhillips share prices have been bracketed by a low of $50.62 and a high of $59.68 and are now at $57.24, 13% above that low price. The 200-day and 50-day moving averages have moved 0.02% lower and 0.15% higher over the past week, respectively.

SmarTrend is tracking the current trend status for ConocoPhillips and will alert subscribers who have COP in their portfolio or watchlist when shares have changed trend direction.

Write to Chip Brian at cbrian@mysmartrend.com

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Copyright, Comtex News Network, Inc. 2012

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