ConocoPhillips Wave Analysis – 30 July, 2020

• ConocoPhillips broke key support level 38,25

• Likely to fall to 35,00

ConocoPhillips recently broke the support zone located between the key support level 38,25 (which has been reversing the price from May) and the 38,2% Fibonacci retracement of the sharp wave B from March.

The breakout of the support level 38,25 continues the active impulse waves (iii) and C.

ConocoPhillips is likely to fall further toward the next support level 35,00 (target price for the completion of the active impulse wave (iii)).