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Trade of the Day: ConocoPhillips (COP)

OPEC news gives oil stocks a boost

By John Jagerson and Wade Hansen, Editors, SlingShot Trader

http://bit.ly/2ixX9BZ

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Energy stocks moved higher Thursday morning on the news that OPEC has agreed to extend its oil-production cap through the end of 2018, further restricting the supply of crude oil in a market environment that is seeing a steady increase in demand as economies around the globe show solid growth. This is great news for independent oil & gas firms, like ConocoPhillips (NYSE: COP), who will see their margins increase as the price of oil continues to climb.

COP broke above key resistance at $51 on the news Thursday morning, and we think this is just the beginning of the stock’s rise. We expect COP to continue climbing back up toward its recent highs around $54 during the next few weeks.

‘Buy to open’ the COP January (2018) 52.50 Call (COP180119C00052500) for a maximum price of $1.40.

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InvestorPlace advisers John Jagerson and S. Wade Hansen, both Chartered Market Technician (CMT) designees, are co-founders of LearningMarkets.com, as well as the co-editors of SlingShot Trader, a trading service designed to help you make options profits by trading the news. Get in on the next SlingShot Trader trade and get 1 free month today by clicking here.


Article printed from InvestorPlace Media, https://investorplace.com/2017/12/trade-of-the-day-conocophillips-cop/.

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