The PEAD projected a Neutral outlook for $PSX after a Positive Under reaction following its earnings release placing the stock in drift A with an expected accuracy of 33.33%.
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...
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...
fundamentals: 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...
Hmmm, now where have I seen this name before? Oh, that’s right! It was from our sector analysis earlier where we identified the relative weakness. With an ATR of 2.6, any hard pop back into the 200d should offer a nice opp for a fade. Would even consider leaving room to add at the quarterly pivot at 75.32.
TV chart link:
I am looking at potential short positions on OIL related stocks as indicated by this example.
Observation
Phillips 66 has gone into a bearish mode with swing traders (around 30% of the market) losing on net longs positions with the wider market on average now being at break even.
Break-even price levels can mean either 1) important support areas, 2) break...
Support at handle low and mid cup/MC. Pocket pivot at 80.80.
No recommendation.
Price is above the top band with the moving average set on 20. It is within the bands with the moving average set on 80.
This pattern is not to long entry level today.
short here, stop loss 73.5 and target 50 in early 2021. could turn into a long if the top trendline breaks though. theres always more than one outcome :) goodluck, leave a like !
Hey my friends, PHILLIPS 66 is in a bullish push with abnormal buying volume issued and a larger tail of buyers. Looking at the TIMEFRAME M1 we notice a marubozu with a very large volume of purchases exchanged. Strong possibility of breaking the price then the range to reach the one above and go to the last previous higher. Two highs on the MULTIFRAME between a...
