PSX pushes through Wednesday's high


Phillips 66 (PSX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

PSX closes higher for the 3rd day in a row
PSX pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, PSX ended Thursday at 54.39 gaining $3.89 (7.7%), significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 52.90, Phillips 66 confirmed its breakout through the prior session high after trading up to $3.84 above it intraday.

Daily Candlestick Chart (PSX as at Mar 26, 2020):

Daily technical analysis candlestick chart for Phillips 66 (PSX) as at Mar 26, 2020

Thursday's trading range has been $5.68 (11.05%), that's slightly below the last trading month's daily average range of $5.87. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PSX.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, PSX gained 5.85% on the following trading day.

Prices are trading close to the key technical resistance level at 57.59 (R1).

While the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Phillips 66. Out of 131 times, PSX closed higher 54.96% 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 54.96% with an average market move of 0.39%.


Market Conditions for PSX as at Mar 26, 2020

Loading Market Conditions for PSX (Phillips 66)...
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