14 Nov

Uptrend in ConocoPhillips Stock Might Take a Breather

WRITTEN BY Nicholas Chapman

Crude oil and natural gas rose

For the week ending November 10, 2017, crude oil (USO) prices rose from $55.64 per barrel to $56.74 per barrel—an increase of 2%. On November 13, crude oil prices rose almost 3%. The prices have consolidated in a narrow range, which might indicate that crude oil’s rally will continue. On November 10, 2017, crude oil closed at $56.74. Its 50-day and 200-day moving averages stand at $51.56 and $49.66 respectively. Three weeks ago, crude oil’s 50-day moving average crossed above its 200-day moving average—a positive technical development. Natural gas (UNG) prices rose last week. Natural gas prices rose from $2.984 per MMBtu (million British thermal units) to $3.213 per MMBtu.

Uptrend in ConocoPhillips Stock Might Take a Breather

ConocoPhillips stock didn’t hold its weekly gain

Despite strong gains in crude oil prices, ConocoPhillips’s stock price rose 0.06% from $52.96 to $52.99 last week. After rising by more than one percentage point on Monday, ConocoPhillips traded in a narrow range on Tuesday and Wednesday. On Thursday and Friday, ConocoPhillips traded with a negative bias and gave up most of its gains for the week. At the end of the week, ConocoPhillips generated a reversal candlestick pattern on the weekly chart, which indicates that ConocoPhillips’s uptrend might take a breather.

Peers

Due to rising crude oil prices last week, the Energy Select Sector SPDR ETF (XLE) produced a positive performance of 1.43%. XLE outperformed the SPDR S&P 500 ETF (SPY) last week, which fell 0.14%. Some of ConocoPhillips’s peers that also reversed the intra-week gains last week included W&T Offshore (WTI) and Jones Energy (JONE). Last week, they fell ~1% and ~16%.

In the next part, we’ll look at ConocoPhillips’s correlation coefficient with crude oil prices.

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