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5 Technical Setups to Trade This Week


First up this week is integrated energy giant ConocoPhillips (COP - Get Report). With crude prices on the rise in recent weeks, ConocoPhillips has been a major beneficiary -- after all, as the market price for crude ratchets higher, so do COP's margins.

All told, shares are up double digits from their October lows; a bullish setup in shares indicates that more upside may be on the way.

Right now, ConocoPhillips is forming an ascending triangle pattern, a bullish formation that's identified by a horizontal resistance level to the upside and uptrending support below shares. Essentially, as COP's price bounces in between those two technically-significant price levels, shares are getting squeezed against that $74 resistance level. That increases the probability of a breakout to the upside.

Uptrending momentum, as measured by 14-day RSI, provides some additional assurance over the setup in this stock. The actual buy signal comes when shares push above $74. When that happens, I'd recommend a protective stop just below the 50-day moving average.

Conoco is one of TheStreet Ratings' top-rated oil and gas stocks, with a B buy rating, and is one of Warren Buffett's holdings.

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