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Berger: Pumping up ConocoPhillips
Serge Berger, better known as The Steady Trader, is looking for opportunities in the energy sector; as weakness in the equities market continues. He thinks that ConocoPhillips, the third largest integrated oil company in the US, represents an opportunity to buy. Institutional investors are also currently buying large cap stocks in the energy sector, as a part of a late cyclical trend.
ConocoPhillips stock is currently trading near November’s all-time high, a level that has not been reached since 2008. This strong performance has been consistent for the past few months, but Serge believes the stock could push higher.
Serge is looking to buy the company's stock on a break past the current diagonal resistance line at USD 71.50. His target for the trade is USD 75, and a stop can be placed on the trade at USD 70.
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01:09 minutes
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