ConocoPhillips Trading Analysis (16/08/2024)

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 at the beginning of the formation of the downward wave structure, when wave A breaks the sloping channel of the ascending truncated structure.
• Stop-loss away from the local maximum of the rising structure.
• Price targets at 106.80 and 103.20.

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