Conoco philips: COP has been in a strong uptrend for over two years it has recently come into a major area of resistance of $80. This resistance are goes back to 2007/2008. It's trading above it's 50 MA and below it's 10 MA. The MACD two line is confirming an uptrend with it trending over it's zero line. On Friday the COP formed a piercing line candle stick pattern (definition below). The way we are going to approach this stock for our trading strategies options course, is one to be patient and look for a good entry point based on price action, oil, and how the overall market behaves over the next week.
The options for COP meet our liquidity & open interest rules for our trading strategies options 7 step plan.Piercing Pattern definition
A piercing pattern can serve as an indicator that it is time to either buy a stock or close out short positions because the stock may be trending upward soon. It should not, however, be used as a stand-alone indicator, but should be compared against other bullish and bearish indicators.