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Uptrend ExhaustionArchive
- 4/5/2024 -
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Phillips 66 (PSX) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a fifth consecutive positive week for the Phillips 66 (PSX). During the week, the PSX gained 7.41 points, or 4.54%, and closed at 170.75 on Friday, April 5, 2024. Weekly volume was -14% 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 uptrend had started on March 18, 2020 at 40.04 and reached 174.08 on April 5, 2024. PSX gained -134.04 points, or -334.77%, in 211 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (97.23) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 June 23, 2023 at 89.74 and reached 174.08 on April 5, 2024. PSX gained -84.34 points, or -93.98%, in 41 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (149.69) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 medium-term trend.
 Weekly Technical Indicators: [See PSX weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. 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, Relative Strength Index and Williams' Percentage Range help.
The weekly MACD line is above its signal line since November 24, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high and getting bigger. It indicates that the current medium-term uptrend is strong. 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 February 28, 2024 at 140.87 and reached 174.08 on April 5, 2024. PSX gained -33.21 points, or -23.57%, in 37 days. The price is now at the 10.03% retracement level.
 Daily Technical Indicators: [See PSX daily technical indicators chart]
Daily Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range and Lane's Stochastic.
The daily MACD line is above its signal line since March 7, 2024. This is an indication that the short-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current short-term uptrend is strong.
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