Energy sector tailwind, the buy signal holds
ConocoPhillips climbs 4.8% as the buy confirmation rides the energy sector's tailwind
Energy sector tailwind, the buy signal holds
Our view last week
ConocoPhillips keeps climbing — this week the stock gains 5.2%, its fourth straight higher low on the daily chart — but underneath, volume is contracting and the distribution phase flagged last week hasn't closed out yet. And that's exactly the backdrop against which our model flips the case: after 13 weeks short and in profit, a fresh buy signal now fires. The full weekly technical analysis follows below.
This week's summary
The buy signal on ConocoPhillips, fired last week, is holding: the confirmation week closes up 4.8%, the fourth straight higher low on the daily chart. ConocoPhillips stock is riding a strong tailwind from the energy sector - the sector ETF is up 11.3% over the past month - but underneath, volume is still contracting and the distribution phase flagged last week hasn't closed out yet. Our weekly technical analysis goes into the detail below.
IQS Phase
47
ordinary
Signal Strength
66
medium
Sizing
STANDARD
Ranking
#31 / 124
US stocks in progress
Trade P&L %
+4.84%
from signal to today
Rank position
ranks 31st among the 124 Longs already running for US stocks in our ranking, with a signal strength of 66 out of 100.
Sector context
SectorEnergy
Benchmark ETFXLE
Sector regimein positive regime
Performanceweekly +3.36% · monthly +11.29%
COP belongs to the energy sector (reference ETF XLE). The sector is classified in positive regime according to our weekly reading.
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