The Presidential Election in the US is heating up.
It looks like a repeat of 2020 with ex-President Donald Trump running against President Joe Biden.
Who do you prefer to become the next President of the US?
I’m secretly hoping for ex-President Donald Trump to win.
If he becomes the President of the US again, it could propel the technology sector to Mars (maybe beyond)!
Before the election arrives, this is the season for stocks in the energy sector.
In addition to the world events (yes, the war in Middle East), the demand for oil is likely to soar through the roof.
I know that you are excited to find out this week’s pick of the week. But let’s review last week’s stock pick, Corteva (CTVA), first.
Review Of Last Week’s Pick Of The Week
Corteva’s share price (CTVA) began pulling back soon after I covered it.
I expected a bounce in its share price at its support area of ~$56. However, this support zone didn’t hold; its share price tumbled to ~$53.
Therefore, I’m removing this stock from my watchlist.
Is there a replacement stock?
Let’s uncover the reasons for this week’s swing trading opportunity: ConocoPhillips.
Why Is Swing Trading ConocoPhillips (COP) Worth It?
Source: conocophillips.com
ConocoPhillips (COP) is this week’s #PowerStocks pick.
Belonging to the energy sector, ConocoPhillips engages in the exploration, production, sale, and transportation of crude oil, natural gas, and bitumen.
After a lackluster performance, its share price has been in a massive uptrend since early Mar 24.
This surge in its share price has blown the S&P 500 out of water.
Better still, ConocoPhillips’ shares have exploded in price repeatedly.
And this pullback looks to be ending, suggesting that a swing trading opportunity is almost here.
You’ll want to continue reading for more details.
P.S.: What if I told you that you could drastically gain control over your emotions of fear and greed, and master the stock market in a short period of time?
My team and I have worked tirelessly to help you achieve results fast.
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Performance Of US Stock Market vs ConocoPhillips (COP)
ConocoPhillips’ shares burst into life after a sluggish start to the year.
This mighty uptrend began in early Mar and is still intact.
It’s little surprise that it has outperformed the S&P 500 by a mile.
Having found its share price to be in an uptrend and enjoy superior returns when compared to the S&P 500, let’s continue to analyze the shares of ConocoPhillips.
How Explosive Is ConocoPhillips (COP)?
The next stage of analysis is to uncover whether the shares of ConocoPhillips are worth your time and hard-earned money.
To help determine this, I’ve marked out its explosive upmoves in the past 9 months.
With an enormous market capitalization of more than $152b, the 15 up moves (between 4.1% and 21.3%) are considered explosive.
Here comes the million-dollar question: Is it time to buy its shares for a swing trade?
Let’s head into the next section to find out!
Key Price Levels
It’s encouraging that the share price of ConocoPhillips is pulling back.
Knowing its key price levels (aka support and resistance) will be helpful to know whether the time to buy its shares for a swing trade has come.
Can you tell that there’s a support area ~$126?
If the S&P 500 continues to pull back, ConocoPhillips’ share price could fall to $126 before rebounding*.
After the rebound, there’s a high chance that its share price will face resistance at ~$134. So, you may want to shift your stop loss higher or take profit once the share price of ConocoPhillips reaches $134.
*Please note that ConocoPhillips will release its earnings result on 2 May 24. It’ll be a good idea not to trade its shares until after 2 May 24.
Finally, this is for educational purposes. Please perform your due diligence.
All images are taken from pexels.com, pixabay.com, sectorspdrs.com, tradingview.com, and unsplash.com, unless otherwise mentioned.
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Many new traders are often left confused by conflicting signs and signals.
Worse still, ~80% of traders lose money.
This is because trading isn’t just about skill alone.
It includes the mastery of your emotions.
But what if I told you that you could quickly gain control over your emotions of fear and greed and master the stock market?
My team and I have worked tirelessly to help you achieve results fast.
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