An Oil Play to Watch
Since the larger pattern in the stock indices is still bullish, I have been watching quite a few stocks and looking for possible entries on the buy side after some deeper downside corrections. Some of the stocks I look at have bearish patterns, and I will avoid those. Others, however, are within a bigger-picture uptrend. Their current corrective declines are only similar to some of the prior declines that have been seen within their larger uptrends. One of these stocks is ConocoPhillips (COP), which is now on my radar.
I have identified this trade setup mostly by running 100% price projections of the prior declines that I have illustrated on the daily chart with the blue lines. There is also a 0.786 retracement that is relatively close to these projections, giving us a potential price cluster support zone at the $70.20-to-$71.46 area....419 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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