Conocophillips (NYSE:COP) Possible Head & Shoulders Formation.

Conocophillips (NYSE: COP) Possible Head & Shoulders Formation.

Conocophillips is one of those stocks that could be used in short term complex strategies utilizing both options and single stock futures. Its price is high enough at $50 to allow for high margin futures trades fully hedged with options positions.

Technically I expect COP to correct to lower levels then consolidate before moving up or down. It does allow for very quick profit objective strategies just as long as one is brave enough to devise a complex strategy and implement it, which requires taking advantage of many market factors not just direction.