Oil slides again after hitting two-month high
Global oil prices fell again on Monday after U.S. data sparked fresh concerns about a slowdown in the global economy and rising crude supplies in the United States.
Over the past couple of weeks, oil markets experienced a positive outcome as prices rose to $64 a barrel, following supply cuts by the OPEC countries, especially Saudi Arabia, as well as sanctions against Venezuela’s oil exports.
But this rise was short-lived as prices fell again on Monday.
Brent crude oil, the global benchmark for oil, had hit $63.30 a barrel before the start of the trade on Monday – the highest since early December, but as the trading started Brent lost 24 cents to stand at $62.51 around 1:30 p.m. ET.
On the other hand, West Texas Intermediate crude also experienced its best intra-day high of $55.75, since November 21, 2018. But it was down by 75 cents or 1.4% to stand at $54.51 around 1:30 p.m. ET.
According to market analysts, it is possible that the currency strength of the U.S dollar is responsible for this fall in oil prices, as it gets more expensive for holders in others currencies whose strength does not match up.
Further, persistent trade dispute between U.S and China may also be responsible for the pressure on oil prices, according to some analysts. However, this is somewhat foiled by the OPEC deal of cutting down excess oil supplies as well as sanctions on Venezuela’s exports.
COP in +1.94% Uptrend, growing for three consecutive days on January 03, 2025
Moving higher for three straight days is viewed as a bullish sign. Keep an eye on this stock for future growth. Considering data from situations where COP advanced for three days, in of 322 cases, the price rose further within the following month. The odds of a continued upward trend are .
Technical Analysis (Indicators)
Bullish Trend Analysis
The RSI Oscillator points to a transition from a downward trend to an upward trend -- in cases where COP's RSI Indicator exited the oversold zone, of 26 resulted in an increase in price. Tickeron's analysis proposes that the odds of a continued upward trend are .
The Momentum Indicator moved above the 0 level on January 02, 2025. You may want to consider a long position or call options on COP as a result. In of 88 past instances where the momentum indicator moved above 0, the stock continued to climb. The odds of a continued upward trend are .
The Moving Average Convergence Divergence (MACD) for COP just turned positive on December 31, 2024. Looking at past instances where COP's MACD turned positive, the stock continued to rise in of 41 cases over the following month. The odds of a continued upward trend are .
COP may jump back above the lower band and head toward the middle band. Traders may consider buying the stock or exploring call options.
Bearish Trend Analysis
The Stochastic Oscillator demonstrated that the ticker has stayed in the overbought zone for 4 days. The longer the ticker stays in the overbought zone, the sooner a price pull-back is expected.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where COP declined for three days, the price rose further in of 62 cases within the following month. The odds of a continued downward trend are .
The Aroon Indicator for COP entered a downward trend on January 02, 2025. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options.
The Tickeron Profit vs. Risk Rating rating for this company is (best 1 - 100 worst), indicating low risk on high returns. The average Profit vs. Risk Rating rating for the industry is 74, placing this stock better than average.
The Tickeron SMR rating for this company is (best 1 - 100 worst), indicating strong sales and a profitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron PE Growth Rating for this company is (best 1 - 100 worst), pointing to consistent earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Price Growth Rating for this company is (best 1 - 100 worst), indicating fairly steady price growth. COP’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron Valuation Rating of (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (3.072) is normal, around the industry mean (4.498). P/E Ratio (14.203) is within average values for comparable stocks, (19.693). Projected Growth (PEG Ratio) (0.867) is also within normal values, averaging (4.890). Dividend Yield (0.019) settles around the average of (0.085) among similar stocks. P/S Ratio (2.763) is also within normal values, averaging (159.568).
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a producer of wholesales oil and natural gas
Industry OilGasProduction