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.
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