- 1/8/2021 -
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Phillips 66 (PSX)
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|It was a third consecutive positive week for the Phillips 66 (PSX). During the week, the PSX gained 0.77 points, or 1.10%, and closed at 70.71 on Friday, January 8, 2021. Weekly volume was -10% below average. |
PSX is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
Long-term trend: [See PSX long-term trend chart]
A long-term downtrend had started on November 8, 2019 at 119.92 and reached 40.04 on March 18, 2020. PSX lost 79.88 points, or 66.61%, in 18 weeks. The chart has formed a Descending Triangle chart pattern. The downtrend resistance line (44.26) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. PSX may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.
Medium-term trend: [See PSX medium-term trend chart]
A medium-term uptrend had started on October 29, 2020 at 43.27 and reached 73.78 on January 5, 2021. PSX gained -30.51 points, or -70.51%, in 9 weeks. The price is now at the 10.06% retracement level.
Weekly Technical Indicators: [See PSX weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. During the last week, weekly Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 6, 2020. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.
Short-term trend: [See PSX short-term trend chart]
A short-term uptrend had started on December 21, 2020 at 63.80 and reached 73.78 on January 5, 2021. PSX gained -9.98 points, or -15.64%, in 15 days. The chart has formed a Rising Wedge chart pattern. The uptrend support line (73.35) is broken. A broken support is considered to be a long-term bearish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend support in a short-term trend.
Daily Technical Indicators: [See PSX daily technical indicators chart]
Daily Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Williams' Percentage Range.
The daily MACD line is below its signal line since December 11, 2020. The distance between MACD and the signal line is low and getting smaller.
The distance between the Bollinger Bands is falling, and it was 9.39% on Friday. It is 65.75% lower than one year average. It indicates the period of low volatility of the stock price. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.