ConocoPhillips

COP remains in a Stage 2 advancing phase within its broader uptrend, supported by a Lockout Rally pattern that signals forced covering dynamics. Despite extension above the 9, 20, and 50 EMAs and near-overbought RSI, the Lockout Rally override justifies immediate participation. We Buy Now to capture continuation into the rising EMA support zone.

• ↑Generated $2.4B free cash flow in Q1 2026, returning 45% of CFO
• ↑Integrated Marathon Oil ahead of plan, lifting production to 2.31M boe/d
• ↓P/E of 19.2x is ~1.2% above intrinsic value, raising overvaluation concern