Two New Setup Zones in ConocoPhillips

I have identified two new setup zones in ConocoPhillips (COP) since the recent decline from the Jan. 30 high. These are both what I call Fibonacci Price Cluster Zones. The definition of this type of trade setup is the coincidence of at least three Fibonacci price relationships that come together within a relatively tight range. These clusters identify key support or resistance decisions in the market. In this case they identify key support decisions.

The first zone is currently being tested at the $56.93 to $57.20 area. This zone includes two 100% price projections of prior declines, along with a 0.618 retracement and 0.50 retracement along with a 1.272 extension of a prior swing up. If this zone does not end up holding, there is one more area that interests me below this at the $55.93 to $56.34 area. This second zone also includes an important symmetry (100% projection) along with a 0.618 retracement of another swing....153 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

Read the full story and get access to the Real Money Pro trading floor.

There’s no substitute for a trading floor to get great ideas, so Jim Cramer created a better one at Real Money and blogs there exclusively. We then added legendary hedge fund manager, Doug Kass, with his exclusive Daily Diary and best investing ideas. Staffed with more than 4 dozen investing pros, money managers, journalists and analysts, Real Money Pro gives you a flood of opinions, analysis and actionable trading advice found nowhere else, and allows you to interact directly with each expert.

Already a Subscriber? Please login.

Except as otherwise indicated, quotes are delayed. Quotes delayed at least 20 minutes for all exchanges. Market Data provided by Interactive Data. Company fundamental data provided by Morningstar. Earnings and ratings provided by Zacks. Mutual fund data provided by Valueline. ETF data provided by Lipper. Powered and implemented by Interactive Data Managed Solutions.

TheStreet Ratings updates stock ratings daily. However, if no rating change occurs, the data on this page does not update. The data does update after 90 days if no rating change occurs within that time period.

IDC calculates the Market Cap for the basic symbol to include common shares only. Year-to-date mutual fund returns are calculated on a monthly basis by Value Line and posted mid-month.