Today’s instrument is the ConocoPhillips‘s stock traded on the NYSE exchange under the ticker COP. 

When we look at the COP‘s chart, we can see a fall from the $98 level to the $94 range on the 3rd of May, forming support at the $92.5 level. On May 4th we can see the return to the $98 range and consolidation at the same level and during yesterday’s session, it rallied, reaching as high as $106 and closing in the $102.73 where it was last found trading.

Conoco Phillips had scheduled a quarterly earnings announcement yesterday 05/05/2022. Both EPS and Revenue exceeded expectations, beating the Q1 estimates, hence the upward movement yesterday. 

Today we can expect a move close to and possibly above the $106 closest overhead resistance level.

If however, it doesn’t manage to hold on to the current level then a move towards and below the $98 closest support level can be expected.

(Click on image to enlarge)