PSX closes higher for the 2nd day in a row

Phillips 66 (PSX) Technical Analysis Report for Sep 14, 2018

Highlights

PSX closes higher for the 2nd day in a row
PSX pushes through previous session high

TQ Sentiment

Report Sentiment: 40% Bullish
Technical Forecast:

Overview

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 chart for PSX

Volatility

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.

Support/Resistance

Prices are trading close to a key support level at 112.34. Prices are trading close to the key resistance level at 114.61.

Trend

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.

Order Flow

Buying might speed up should prices move above the close-by swing high at 114.45 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Phillips 66

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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