Categories: Technical analysis

ConocoPhillips Wave Analysis 11 February, 2021

• ConocoPhillips reversed from resistance level 47.5

• Likely to fall to support level 42.50

ConocoPhillips recently reversed down from the key resistance level 47.5 (former monthly high from January and the top of the previous correction 2) – standing near the upper daily Bollinger band.

The downward reversal from the resistance level 47.5 started the minor impulse wave (iii).

ConocoPhillips can be expected to fall further toward the next support level 42.50 (50% Fibonacci retracement level of the previous minor correction (ii)).

The FxPro Tech Analysis Team

The FxPro technical experts prepare a daily analysis of the most active currency pairs (majors, crosses, exotics) and commodities. Selected instruments are reviewed on daily trends (D1, H4), using the active Elliott Wave setups, Japanese candlesticks, indicators, and support/resistance levels.

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