How ConocoPhillips Stock Performed Last Week
Last week, crude oil (USO) and natural gas (UNG) producer ConocoPhillips (COP) saw its stock underperform crude oil prices. ConocoPhillips stock price rose marginally from $45.67 to $45.69, whereas crude oil prices were up moderately from $48.49 per barrel to $49.31 per barrel during the same period.
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COP’s stock price bounced from its 50-week moving average and formed a reversal candlestick pattern on its weekly chart. In 2016, ConocoPhillips’s stock was up ~10%, whereas so far in 2017 COP’s stock is down by ~8%. COP’s stock hit a 52-week low of $38.19 on April 5, 2016, whereas it hit a 52-week high of $53.17 on December 13, 2016.
How did COP peers perform?
COP’s peers Devon Energy (DVN) and Occidental Petroleum (OXY) are up by ~0.85% and ~2.4%, respectively, in the last one week. The oil and gas exploration and production companies (XOP) outperformed the S&P 500 (SPY) last week. The Direxion Daily Energy Bull 3X ETF (ERX) is a leveraged ETF that invests in domestic companies from the energy sector.
How COP’s stock performed over the medium term
COP rallied sharply from its low of $38.37 in August 2016 to a high of $52.89 in December 2016. Since then, COP has been in a moderate downtrend and could be consolidating its gains. Currently, COP is trading below its 50-day moving average but above its 200-day moving average. On March 17, 2017, COP’s stock price closed at $45.69, whereas its 50-day and 200-day moving averages stand at $48.56 and $44.80, respectively. COP’s 50-day moving average turned downwards three weeks ago, but its 200-day moving average is still trending upward.
Let’s now analyze the possible trading range for COP stock for this week based on its implied volatility.