PSX stuck within tight trading range
Phillips 66 (PSX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
PSX ended the week 0.76% higher at 122.59 after gaining $0.41 (0.34%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PSX as at Aug 10, 2018):
Friday's trading range was $1.04 (0.85%), that's below last trading month's daily average range of $1.78. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 121.71 and 123.48 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 123.48. The stock found buyers again today around 121.71 for the third trading day in a row after having found demand at 121.89 in the prior session and at 121.91 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 123.48 where further buy stops could get activated.