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Delta Derivatives is out with a research note after Tuesday's close, stating that shares of mega-cap integrated oil names, such as Chevron Corporation (NYSE: CVX), Exxon Mobil Corporation (NYSE: XOM) and ConocoPhillips (NYSE: COP) may have put in a significant technical bottom. In the research piece, Delta Derivatives highlights several key takeaways: - Yield on both Chevron and ConocoPhillips exceed 5 percent, compared to a 2.14 percent yield on the U.S. 10-year. This comparative differential is at the highest level over the past 20 years.
- Shares of Big Oil all opened sharply lower on the day, only to close and finish near the highs, even with crude oil down nearly 4 percent. This points to a key technical reversal.
- Chevron has closed lower 15 straight weeks, with ConocoPhillips closing lower 14 out of the last 15 and Exxon 13 out of the last 15. In the case of Chevron, the previous worst weekly losing streak since 1970 was five consecutive weeks, so 13 straight is reaching extreme levels.
- Nine-day weekly RSI readings lower now than even during the Financial Crisis, indicating an extremely oversold condition.
- Implied volatility is in the 90th percentile, pointing to heightened fears. From a contrarian standpoint, high levels of implied volatility many times are associated with intermediate lows in shares prices.
Related Link: Oil Demand In China Has Never Been Higher Chevron closed at $85.78, down $0.11, with a low on the day of $83.60. ConocoPhillips closed at $50.40, up $0.20, with a low on the day of $49.06. Exxon closed at $77.49, down $0.53, with a low on the day of $76.33 (yearly low). See more from Benzinga © 2015 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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ConocoPhillips
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CODE : COP |
ISIN : US20825C1045 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
ConocoPhillips is a producing company based in United states of america. ConocoPhillips is listed in Germany and in United States of America. Its market capitalisation is US$ 130.3 billions as of today (€ 117.2 billions). Its stock quote reached its lowest recent point on December 31, 1991 at US$ 10.94, and its highest recent level on September 19, 2024 at US$ 110.71. ConocoPhillips has 1 177 107 000 shares outstanding. |