The current situation is reflected in the current price development of the share.
The oil sector is undergoing consolidation. Oil prices are weakening. Oil producers’ stocks consolidate. The past quarterly reporting season was rather mixed. Some disappointments dampened the buying mood of market players.
The quarterly results presented by ConocoPhillips at the beginning of November were also ambivalent and not entirely convincing.
The current situation is reflected in the current price development of the share. Since the failed attempt in October to push above the resistance cluster around $125+, the air has simply run out. The quarterly results published at the beginning of November failed to boost the price development again.
In the last few trading days, the price area of $115/$110 was in focus. The share shows signs of forming a bottom in this area. However, the whole thing should still be treated with caution. The share still lacks upward momentum.
In short. ConocoPhillips could be about to form a consolidation bottom in the $115/$110 zone. Whether the venture will succeed remains to be seen. If the share price falls below $110, the scenario would be off the table. To make initial impact on the upside, ConocoPhillips needs to break above the $118/$120 resistance area. To go back to the question raised at the beginning – the end of consolidation is not yet in sight. To initiate this, ConocoPhillips needs to push above $120.