ConocoPhillips Stock Could Climb Above The $106 Level

When we look at the ConocoPhillips (NYSE:) chart, we can see a fall from the $98 level to the $94 range, forming support at the $92.5 level. On May 4 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.

had scheduled a quarterly earnings announcement yesterday. 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.

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