Oil giant ConocoPhillips ( COP) has undergone some big changes in the last year; the firm completely transformed itself in May when it spun off its downstream assets into Phillips 66 ( PSX), a move that's unlocked considerable value from shares and made COP itself more competitive. We're seeing investors' increasing sentiment in this stock's price action right now. >>5 Dividends That Are About to Get Bigger Like with the Google chart, you don't need to be an expert technical analyst to figure out what's going on in COP right now: This stock is trading higher in a channel. The support and resistance levels on the chart have acted as consistent barriers for COP's price action since the summer -- and now, they give us a high probability range for this stock to trade within. As you might expect, the ideal time to be a buyer is on a bounce off of support; that's exactly what we may see today. When you're looking to buy a stock within a trend channel, buying after a bounce off of support makes sense for two big reasons: It's the spot where shares have the furthest to move up before they hit resistance, and it's the spot where the risk is the least (because shares have the least room to move lower before you know you're wrong). With shares right at that support level, I'd recommend keeping a close eye on this one.