(MENAFN- FxPro)
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• ConocoPhillips reversed from resistance level 47.5
• Likely to fall to support level 42.50
ConocoPhillips recently reversed down from the key resistance level 47.5 (former monthly high from January and the top of the previous correction 2) - standing near the upper daily Bollinger band.
The downward reversal from the resistance level 47.5 started the minor impulse wave (iii).
ConocoPhillips can be expected to fall further toward the next support level 42.50 (50% Fibonacci retracement level of the previous minor correction (ii)).
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