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PHILLIPS 66 DRN

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P1SX34 trade ideas

PSX symmetrical triangle breakout!!In the books, it is written that symmetrical triangles are formed because of uncertainty. The market is forming an opinion about the direction of the asset. Moreover, it is said that symmetrical triangles have a higher probability of being a continuation pattern. If we apply those learnings to PSX, we have the following analysis: After an uptrend in prices, the market had some uncertainty about the direction of the asset. And, today's possible breakout confirms that symmetrical triangle have higher probability of being continuation pattern. According to the books, this breakout closer to the apex of the pattern increases the chance of it failing. Moreover, symmetrical triangles are known to be less reliable patterns. Therefore, such breakout suggests a continuation of the uptrend after a pause, however, we need to be more cautions and await a pssible failure. Now, if it's not a false breakout, the highest probability is that prices will move quicly and with larger amplitue than the pattern itself. (100% form its base to its top). Let's see!!
NYSE:PSXLong
by LuccasChartRoom
PSX | InformativeNYSE:PSX Overall Trend: The stock has been following an upward trend, as evident from the upward-sloping blue trendline. This suggests bullish momentum. Candlesticks: We see a mix of bullish and bearish candles, but the bullish candles are larger in body, suggesting stronger buying pressure. The large blue candlestick in the recent period might indicate strong buying interest. Moving Averages: The stock is trading above both the short-term and long-term moving averages, which is a bullish indicator. The moving averages are also in an upward trajectory, further affirming the bullish momentum. Support and Resistance: Bullish Line (Resistance turned Support): The stock has broken above the "Bullish Line" at 116.77 USD, turning it into a potential support. Bearish Line (Resistance): At 115.23 USD, if the stock moves downwards, this could be a resistance point to watch. Price Targets: Target Price 1: 113.80 USD - If there's a pullback, this could be a potential lower target. Target Price 2: 111.56 USD - A further downward target if the stock faces more selling pressure. Target Price 1: 118.50 USD - An upward target if the bullish momentum continues. Target Price 2: 119.78 USD - A higher potential target with continued bullish activity. Volume: A significant spike in volume accompanies the large bullish candlestick, suggesting strong buying interest. RSI (Relative Strength Index): The RSI is hovering around the middle range. It's not in the overbought or oversold territories, suggesting that there's room for the stock to move in either direction. Summary: The stock shows signs of bullish momentum, with strong buying interest evident from the recent large bullish candlestick and the upward trend. The break above the Bullish Line is a positive sign. However, it's essential to watch for potential pullbacks towards the bearish line and monitor the stock's movement in conjunction with real-world news or financial data related to Philips 66.
NYSE:PSX
by shkspr
PSX: Ascending Triangle, Not Confirmed (89,92%)(32/1000)(32/1000) Ascending Triangle for PSX on the weekly chart. Not confirmed Possible 89,92% gains. As per graph on the right, energy sector (SPN) is building into an ascending triangle (not confirmed) with a possible 41,62% gain. PSX analysis: Pros: 1- Bullish Ascending triangle 3- PPS above 50MA and 200MA 3- R/R ratio above 5 4- 250RSI above 50 and ascending 5- 50MA ascending 6- RS above 0 and ascending 7- 50MA above 200MA 8- Golden cross in blue Cons: 1- 200MA flat 2 - ATR descending, less volatility Target price is 235,25$ Stay humble, have fun, make money! MAAX!
NYSE:PSXLong
by LeLaf
Phillips 66 (PSX) Technical Analysis: A Positive OutlookGolden Cross The 20 moving average on the daily chart has crossed above the 50 moving average today. Monthly High Stock price is at monthly highs. Pivot Machine Gun (PMG) When price makes continued highs for 5 days. This is a bearish reversal signal only if price starts to break the low of the last day's candle. Volume Shelf Launchpad When price starts to move with some momentum from a volume shelf, it is called a volume shelf launchpad. CCI Buy Trigger Commodity channel index (CCI) crossed the 0 level to the upside thus triggering a buy signal.
NYSE:PSXLong
by ImmaculateTony
PSX | Time to Short This | OverboughtPhillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
NYSE:PSXShort
by DivergenceSeeker
$PSX - Phillips 66 - Wace C ?From the March 2020 bottom at $40.04, the recovery qualifies to be labelled as a Leading Diagonal. Leading Diagonals are found in wave 1 or wave A of impulses and zig zag corrections respectively. In this scenario, the correction from $111.28 should terminate above $40.04. The correction seems to be unfolding as an ABC zigzag. Using the Fibonacci extension guidelines, wave C, if it is as long as wave A, will reach $59.22. In the bear case scenario where the recovery from $40.04 is a WXYXZ, a new low should print below $40.04. Any short position should use a stop-loss at $94.75, the wave B high.
NYSE:PSXShort
by Loyiso_BlaqueSoros_Mpeta
Phillips 66 (NYSE: $PSX) On Bottom Of Bullish Channel! 🔥Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined petroleum products to market; provides terminaling and storage services for crude oil and refined petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas. The Chemicals segment produces and markets ethylene and other olefin products; aromatics and styrenics products, such as benzene, cyclohexane, styrene, and polystyrene; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, and chemicals used in drilling and mining. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasolines, distillates, aviation, and renewable fuels at 12 refineries in the United States and Europe. The M&S segment purchases for resale and markets refined petroleum products, including gasolines, distillates, and aviation fuels primarily in the United States and Europe. This segment also manufactures and markets specialty products, such as base oils and lubricants. The company was founded in 1875 and is headquartered in Houston, Texas.
NYSE:PSXLong
by RedHotStocks
3
A golden cup and handle trading setup..!Entry: at the market opening price Stop loss: closing below 81 Reward/Risk: Target range: 94-115 Time Frame: 4-12 wks Possible gain:10-30 % Possible loss: 3.5-5% Position size: 5% of trading capital You can see the most important support(green line) and resistance (red line) levels. Best, Dr. Moshkelgosha M.D DISCLAIMER I’m not a certified financial planner/advisor, a certified financial analyst, an economist, a CPA, an accountant, or a lawyer. I’m not a finance professional through formal education. The contents on this site are for informational purposes only and do not constitute financial, accounting, or legal advice. I can’t promise that the information shared on my posts is appropriate for you or anyone else. By using this site, you agree to hold me harmless from any ramifications, financial or otherwise, that occur to you as a result of acting on information found on this site.
NYSE:PSXLong
by Moshkelgosha
2
$PSX going short - high confluence, good r:r setupfundamentals: bang average. decent for short. sector: XLE sector at resistance and overbought - good to short - matches $PSX sentiment thesis: wedge playing the bounce from resistance convergence spot down to support buy confluences: horizontal resistance zone (very key level back to 2015), resistance trendline, wedge pattern continuation, no volume above, POC below, 200ma below (in middle of wedge which shows consolidation and validates wedge thesis), rsi overbought, vortex bulls high bears low (both above the minimum support line), rsi and vortex bearish divergence (shows slowdown in bullish momentum), XLE sector over extended and easy short stop confluences: breaks key level resistance value zone, breaks resistance trendline, breaks relevant noise wicks rsi and vortex will be very over extended, invalidates thesis because breaks key resistance level and also breaks the wedge thesis risk/reward: risk 1.6%, make 6.4% conservatively 1:4 but will let run by not taking profits, but moving stop up trading plan- stop: $90.60 tp: $83.41 validation strategy: move trailing up quick when in profit to secure gains but also give breathing room below key support, then let run with trailing and keep moving it up, take profits at TP if market's choppy and happy with profits, if not manual stop below and let winner run.
NYSE:PSXShort
by Hug0rr