PSX bounced from support with a morning star candlestick pattern accompanied by a surge in trading volume on the same day. Expecting to see price move up to resistance at approximately $87.00.
I would wait for a trend line tag under normal conditions. However I am also willing to take a little heat if need be. Looks like a good entry for a long swing trade to around $88 to $93. Being oil I feel it best to do common stock for this swing trade.
Short term scalp.
I'm looking for PSX to hold this
downward channel next week and
trade back towards 82. Running a
stop at 78.50 as If we break below
78.50 we should see the 75's trade.
A long there would be attractive.
This stock is acting great (and similarly to $PBF and $MPC, it's a great long term play, with immediate entry parameters).
If not long the stock you can look to get long on either, dips to support, price moving above the previous daily close or a new daily high. As long as it stays above the light blue box, it's highly likely accelerating to the upside, and...
NYSE:PSX
A powerful bounce from the trend line with low volume test means no selling in the stock.
The push through of the swing high is a very high probability.
I recommend to exit 80% of trade size at the 1st price target as shown on the chart 88.24$
The remaining size of the trade will ride the trend till i give exit signal.
