Trading idea for Conoco Phillips (NYSE)
The overall trend is upward. The descending wave truncated pattern (wave (C) didn’t breach 123.6% of wave A). A bullish divergence has formed on Awesome Oscillator, and Stochastic Oscillator indicates an oversold condition.
Trading idea:
Buy when an ascending wave pattern is formed, where the wave (A) breaches the inclined channel of the descending truncated pattern.
Stop loss: under the local minimum of the descending truncated pattern.
Target levels: 55.14; 60.50.
