PSX has completed an inverse Head and Shoulders pattern but failed to breakout above the neckline. It's possible that this could be due to the imminent earnings report which will be released BMO on Friday. In my opinion investors - traders are waiting for this release before entering a long position. PSX is once again approaching the neckline area and a nice beat on Friday could be the catalyst that is needed to push the price above the neckline towards $100.
PSX has beaten the earnings estimates the last 5 quarters but looking at the chart, PSX typically does not seem to make huge moves one way or the other on earnings results. That being the case I still believe a nice beat on Friday could propel PSX toward the $100 area. I am currently long PSX but I am also waiting to see the earnings results before adding or reducing my position.
PSX has beaten the earnings estimates the last 5 quarters but looking at the chart, PSX typically does not seem to make huge moves one way or the other on earnings results. That being the case I still believe a nice beat on Friday could propel PSX toward the $100 area. I am currently long PSX but I am also waiting to see the earnings results before adding or reducing my position.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.