The reason I say Conocophillips (COP) is a 2 for 1 is the company will have a spin-off and become 2 companies early in 2012. One company will contain the Refining and Marketing businesses and the other will contain the Exploration and Production businesses. Buy COP now and you'll receive shares in both companies in the Spring. My projections and comments are based on the company as it presently exists. The stock is recovering as the Barchart hourly trading chart reveals:
Barchart technical indicators:
- As a whole indicators are presently on the sell side but the sell signals are weakening as the price begins to turn
- 72% Barchart technical sell signal is getting weaker
- Trend Spotter sell signal is getting weaker
- Presently below its 20, 50 and 100 day moving averages
- At this price its 18.22% off its 1 year high
- The 14 day Relative Strength Index is 49.29% and tracking to cross 50% soon
- Barchart computes a technical support level at 65.15
- Recently traded at 65.20 which is below its 50 day moving average of 67.46
Summary - If you've been watching Conocophillips (COP) for some time now is the time to buy, The 4.22% dividend rate and a P/E ration of almost 1/2 the overall market's make today's price an attractive entry point.
Jim Van Meerten is a Marketocracy Master
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