ConocoPhillips (COP) continued to decline in recent intraday trading, with a short-term bearish corrective trend remaining firmly in control. Price action continues to move alongside a descending trendline that supports the current downward trajectory. Additional negative pressure stems from the stock's continued trading below its 50-day Simple Moving Average (SMA), reinforcing the bearish outlook. Momentum indicators are also generating negative signals despite remaining in extremely oversold territory, suggesting that downside pressure is still intact.

Therefore, our outlook remains bearish for the stock's upcoming trading sessions, as long as resistance at $113.60 remains intact. Under this scenario, the stock is expected to target its next support level at $99.65.

Today's price forecast: Bearish.