ConocoPhillips Trading Analysis (12/08/2024)

The trend is descending. The stock is trading in the range between 365 and 135 ЕМА. The upward wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.

Trading idea:

• Sell when the formation of the downward wave structure begins, when the wave A breaches the sloping channel of the ascending truncated structure.
• Stop-loss at 109.10.
• Price targets at 105.83 and 103.20.

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