PSX closes lower for the 2nd day in a row


Phillips 66 (PSX) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team

Highlights

PSX closes below its opening price unable to hold early session gains
PSX unable to break through key resistance level
PSX closes lower for the 2nd day in a row
PSX ends the day indecisive

Overview

Moving lower for the 2nd day in a row, PSX ended the week -0.95% lower at 89.47 after losing $0.87 (-0.96%) today, notably underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading $0.71 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (PSX as at Feb 14, 2020):

Daily technical analysis candlestick chart for Phillips 66 (PSX) as at Feb 14, 2020

Friday's trading range has been $1.62 (1.81%), that's below the last trading month's daily average range of $2.11. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PSX.

Five candlestick patterns are matching today's price action, the Bullish Doji Star and the Southern Doji which are both known as bullish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Southern Doji showed up on August 1, 2019, PSX actually lost -2.42% on the following trading day.

Unable to break through the key technical resistance level at 89.55 (R1), the market closed below it after spiking up to 90.23 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

With prices trading close to this year's low at 88.28, downside momentum might speed up should the share break out to new lows for the year.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Doji Star" stand out. Its common bullish interpretation has been confirmed for Phillips 66. Out of 1 times, PSX closed higher 100.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 100.00% with an average market move of 4.13%.


Market Conditions for PSX as at Feb 14, 2020

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