ConocoPhillips (NYSE: COP) is an American multinational energy corporation that was created through the merger of American oil companies Conoco and Phillips Petroleum Company on August 30, 2002.
Since February 2016, COP rallied higher within an impulsive 5 waves advance for almost 3 years before ending that cycle in October 2018. Then the stock turned lower into a 7 swings move within a Double Three structure which ended on August 2019. Since then the stock started bouncing higher and ideally the pullbacks will remain supported above $50 low for the stock to resume the rally within the daily cycle higher aiming for a break above 2018 peak which will open a bullish sequence with a minimum target at equal legs area $99 – $110.
The overall technical picture for COP is turning bullish but until it takes 2018 peak the stock will still have the risk of a potential double correction. With Oil expectation to trade higher toward $100, we also expect the related stocks to follow the same path which will allow COP to remain supported in the coming few years.