Shares of ConocoPhillips are heading for a 5th straight gain. From the October close COP has gained 35% and will close out the week above its 200 day moving average for the first time since January 24th. With layers of support in place we believe COP is set up well for more upside. The September/October highs($37.60-$36.00) were cleared on Monday and are now a major support zone.
Volume has been very strong this month. Nine upside days, including the previous five sessions, recorded better than average trade.
Long COP in some managed accounts.