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ConocoPhillips(COP - Get Report) is an international integrated energy company. This stock is trading up 1.1% at $56.77 in recent trading.
Today's Volume: 8.3 million
Average Volume: 8.7 million
Volume % Change: 80%
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From a technical perspective, COP is gapping higher here with above average volume right off some near-term support at $56. This move is quickly pushing COP within range of triggering a major breakout trade. That trade will hit once COP manages to take out some near-term overhead resistance at $57.77 with high volume.
Traders should now look for long-biased trades as long as COP is trending above its 50-day at $55.41, and then once it sustains a move or close above $57.77 with volume that's near or above 8,717,440 shares. If that breakout triggers soon, then COP has an excellent chance of re-testing or possibly taking out its next major overhead resistance levels at $58.24 to $58.66.