ConocoPhillips Wave Analysis – 7 June, 2022

• ConocoPhillips broke resistance level 115.00
• Likely to rise to resistance level 125.00

ConocoPhillips continues to rise after the earlier breakout of the key resistance level 115.00 coinciding with the resistance trendlines of the two daily up channels from February and last year.

The breakout of the resistance level 115.00 accelerated the active minor impulse waves (iii) and (v) – which belong to the higher-order impulse waves 3 and (5).

ConocoPhillips can be expected to rise further toward the next resistance level 125.00 (the target price for the completion of the active impulse wave 3).