Phillips 66 - (PSX) - May 5, 2022 (Daily Stock Report)

by SIACharts.com

 

 

After spending 18 months stuck in the red zone of the SIA S&P 500 Index Report, Energy refining and downstream giant Phillips 66 has been climbing back up the relative strength rankings and recently returned to the Green Favored Zone. Yesterday, PSX finished in 34th position up 30 spots on the day and up 34 places in the last month.

A major breakout is underway in Phillips 66 (PSX) shares this week. One of a relatively small number of stocks yet to regain their pre 2020 Market Crash highs, the shares have been building a base for recovery below $90.00 for the last year and a half. This week, PSX has broken out over $90.00 to trade at its highest level since January of 2020, completing a bullish Ascending Triangle base and also breaking out of the $62.50 to $90.00 range that prevailed over the last year, both combining to signal the start of a new advance.

Some resistance may initially appear at the November 2019 peak near $108.00, followed by $114.00 and $117.50 based on measured moves from recent trading ranges. Initial support moves up to the $90.00 breakout point.

 

Accumulation has resumed this month in Phillips 66 (PSX) shares, which have broken out of a symmetrical triangle, completed bullish Double Top and Spread Double Top patterns, and rallied to their highest level since January of 2020 over the last few days, resolving three months of congestion to the upside.

Initial upside resistance appears at the December 2019 peak near $109.10, followed by $115.75, based on a horizontal count. Initial support appears near $87.70 based on a common 3-box reversal.

With a bullish SMAX of 9, PSX is exhibiting strength against the asset classes.

 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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