ConocoPhillips (COP) stock price strengthened its gains during its latest intraday trading, supported by the beginning of a positive divergence on the RSI after reaching extremely oversold levels in an exaggerated manner compared to price action. Positive signals are starting to emerge from the indicator, preparing the stock to challenge the key resistance level at $115.40. This comes amid the dominance of the main upward trend in the short term, with price movements aligned along a supportive secondary trendline, while dynamic support remains in place as the stock trades above the 50-day simple moving average.

Therefore we expect the stock price to rise during upcoming trading sessions, targeting the mentioned resistance level at $115.40. If the stock manages to break above it, the next target would be at $120.00.

Todays price forecast: Bullish