PSX closes higher for the 2nd day in a row
Phillips 66 (PSX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PSX finished the week -0.61% lower at 113.60 after gaining $0.58 (0.51%) today. Closing above Thursday's high at 113.39, the share confirms its breakout through the previous session's high having traded $0.71 above it intraday.
Daily Candlestick Chart (PSX as at Sep 14, 2018):
Friday's trading range was $1.14 (1.01%), that's far below last trading month's daily average range of $1.86. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 112.34. Prices are trading close to the key resistance level at 114.61.
While Phillips 66 is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might speed up should prices move above the close-by swing high at 114.45 where further buy stops could get activated.