PSX closes above its opening price after recovering from early selling pressure

Phillips 66 (PSX) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team


PSX closes above its opening price after recovering from early selling pressure
PSX closes within previous day's range after lackluster session


PSX finished the week 8.21% higher at 52.32 after losing $2.07 (-3.81%) today on low volume, slightly underperforming the S&P 500 (-3.37%). Trading up to $2.03 lower after the open, Phillips 66 managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (PSX as at Mar 27, 2020):

Daily technical analysis candlestick chart for Phillips 66 (PSX) as at Mar 27, 2020

Friday's trading range has been $4.29 (8.24%), that's below the last trading month's daily average range of $5.89. 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 Bullish Spinning Top. The last time a Bullish Spinning Top showed up on March 20th, PSX actually lost -12.95% on the following trading day.

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

Buying might speed up should prices move above the nearby swing high at 56.74 where further buy stops could get triggered.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Phillips 66. Out of 170 times, PSX closed higher 53.53% 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 55.29% with an average market move of 0.72%.

Market Conditions for PSX as at Mar 27, 2020

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