ConocoPhillips : Downward trend for Conoco's stocks
By Alexandre Nutte
Entry price | Target | Stop-loss | Potential |
---|---|---|---|
$76.45 | $0 | $80.2 | +100% |
Recently, ConocoPhillips announced the sale of its assets based in Vietnam to Perenco, amounting to approximately $1.3 billion, may be subject to adjustments. The sale is part of ConocoPhillips program targeting $15 to $20 billion of asset disposals over the period 2010-2012.
Technically, ConocoPhillips’ stock has initiated a bullish trend with a rise of 14.6% bolstered by the general bullish trend of U.S stock markets. Once $78.20 was hit, upside on the bullish consensus was depleted. The share seems to start to track the index, with the market’s determination to buy lessened.
In this context, investors might take a sell order at the current price to target the $72.80 support. A stop-loss will be fixed at $80.