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ConocoPhillips Stock’s Narrow Trading Range Last Week

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Crude oil prices moved upward

Last week, crude oil (USO) prices increased marginally from $62.04 per barrel to $62.41 per barrel, an increase of less than 1%. Crude oil prices saw a mixed trend. They decreased on Monday and Tuesday. However, crude oil prices reversed on Wednesday and then continued with the positive momentum on Thursday and Friday. On Friday, crude oil prices rose strongly by almost 2% to close the week in the positive.

Currently, crude oil prices are trading below their 50-day moving average but above their 200-day moving average. As of March 16, crude oil’s 50-day moving average and 200-day moving average stand at $62.66 and $53.87, respectively, whereas crude oil is trading at $62.41.

Last week, natural gas prices were down after posting three consecutive weeks of gains. Natural gas prices decreased from $2.73 per MMBtu (million British thermal units) to $2.69 per MMBtu.

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ConocoPhillips stock price

Due to small movements in crude oil (SCO) prices, last week COP’s stock price traded in a narrow range and finished the week with a marginal loss of ~0.2%. After falling earlier in the week, COP’s stock prices increased on Friday—mainly due to a rise in crude oil prices that day. Friday’s heavy volume in COP could be attributed to the monthly options expiration that day.

Two weeks back, COP’s stock price lost its 50-day moving average. A new uptrend is unlikely. COP’s 50-day moving average is an important resistance level. A correction in COP’s stock ended in December 2017, when COP rose above its 50-day moving average.

As of March 16, COP was trading at $54.93, whereas its 50-day moving average and 200-day moving average stand at $56.28 and $49.56.

Peers

Due to mixed energy prices last week, the Energy Select Sector SPDR ETF (XLE) recorded negative performance of around -1.0%. However, COP outperformed XLE last week. COP’s peer Occidental Petroleum (OXY) gained ~1.2% last week and also outperformed XLE.

In the next part of this series, we’ll look at COP’s correlation coefficients.

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