Volume doesn't confirm the bounce
ConocoPhillips rebounds 4.1%, but the volume isn't buying the move
Volume doesn't confirm the bounce
Our view last week
ConocoPhillips is in week 12 of a sell signal, and this week's decline was a modest 1.2%, well below the 7.9% drop of two weeks ago. Volume has rebalanced, with buyers nearly matching sellers, even as the underlying flow stays in distribution. The short position opened 11 weeks ago remains up 9.75%.
This week's summary
ConocoPhillips shares bounce 4.1% this week, with buyers back in control at 71% of volume — but the technical analysis flags a crack: price is rising while volume fades, and the underlying distribution phase keeps building. The stock stays boxed into a very tight band, between the 109.2 area and the 108.5 area. The short, open for 13 weeks, remains in profit, down to 6% from 9.75% last week.
IQS Phase
70
in tension
Signal Strength
3
decline losing steam
Sizing
MINIMUM
Ranking
#89 / 137
US stocks
Trade P&L %
+6.03%
from signal to today
restricted Platinum content