ConocoPhillips Breaks Downtrend; SCTR Soars

ConocoPhillips (COP) saw its SCTR soar nearly 47 points after an 8.81% increase in its stock price broke its four month downtrend.  COP's strength began earlier this week on a reversing candle at gap support and culminated with today's breakout.  Here's the chart:

Prior to this most recent uptrend, COP was oversold with its RSI near 30.  That's an unusually low level considering that COP is in a longer-term uptrend.  The SCTR closed at 77 on Thursday, but I'd expect to quickly see the December SCTR high just below 90 tested sooner rather than later.

Happy trading!

Tom