ConocoPhillips (COP) closed at 112.26 (-4.03%). Medium-term tone has softened, but price remains above MA200. Momentum remains weak (-8.29%), with 52W position: 55% of range, while Volatility: ATR14 3.11%. RSI(14) is 39.8, leaving momentum in a fairly neutral range. RSI has been drifting lower recently, suggesting that upside momentum may be cooling slightly. MACD remains below its signal line, which shows that momentum confirmation is still limited. The MACD histogram is negative and weakening further, which reflects continued downside pressure.
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Setup:
From a pattern perspective, the main active signal is Double top.
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Key levels:
Key levels
The nearest decision zone is framed by support at 109.53 and resistance at 118.60.
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Risk:
A move through resistance would improve the short-term technical tone, while a loss of support would weaken the current structure.