Trading idea for ConocoPhillips (NYSE)

ConocoPhillips (NYSE)

#COP

The trend is upward. The stock is trading within the range defined by the 365 EMA and 135 EMA. A truncated downward wave pattern has concluded with a breakout above the descending channel. The Awesome Oscillator shows a bullish divergence, while the Stochastic Oscillator indicates an oversold condition.

Trading Idea:

Buy upon a breakout above 138.22.

Stop Loss – 134.20.

Target Levels – 143.20; 147.40.