May. 15 at 3:24 PM
$COP followed through after that incomplete dark cloud cover near the April 3 resistance, and the pullback has played out as momentum cooled.
This week is more neutral price action — an inside range candle — basically compression after the move, not a reversal signal yet.
Momentum still leans weak: MACD continues to expand lower, so downside pressure hasn’t fully reset.
Key idea here is patience. Price hasn’t reached a high-probability support zone where dip buyers typically step in with conviction, like the 50 EMA or prior structural demand.
Until then, there are two clean scenarios:
wait for a deeper flush into support for a reversal setup
or wait for a reclaim and breakout above overhead resistance to confirm momentum shift
Right now, no fresh weekly setup is fully forming on
$COP.
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