Philips 66 is a not a Catch 22. PSXPSimilar picture to GLP, actually. X Wave is in progress and we will, for a time, be moving to the upside.
We are not in the business of getting every prediction right, no one ever does and that is not the aim of the game. The Fibonacci targets are highlighted in green with invalidation in red. Fibonacci goals, it is prudent to suggest, are nothing more than mere fractally evident and therefore statistically likely levels that the market will go to. Having said that, the market will always do what it wants and always has a mind of its own. Therefore, none of this is financial advice, so do your own research and rely only on your own analysis. Trading is a true one man sport. Good luck out there and stay safe!
PSXP
PSXP Technical Analysis 🧙Phillips 66 Partners is a master limited partnership that provides fee-based transportation, processing, storage, and fractionation services primarily to Phillips 66, which owns a 74% limited partner interest. Phillips 66 Partners’ primary revenue sources are long-term, fee-based contracts to handle crude, natural gas liquids, and refined products. Phillips 66 manages and operates Phillips 66 Partners as its noneconomic general partner. Phillips 66’s general partner economic interest and incentive distribution rights were eliminated in August 2019.
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PSXP Technical Analysis 🧙Phillips 66 Partners is a master limited partnership that provides fee-based transportation, processing, storage, and fractionation services primarily to Phillips 66, which owns a 74% limited partner interest. Phillips 66 Partners’ primary revenue sources are long-term, fee-based contracts to handle crude, natural gas liquids, and refined products. Phillips 66 manages and operates Phillips 66 Partners as its noneconomic general partner. Phillips 66’s general partner economic interest and incentive distribution rights were eliminated in August 2019.
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Phillips 66 Partners LP (PSXP) short.All description on the chart.
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Potential Long Swing Trading Opportunity PSXP - Elliott Wave Using our Elliott Wave Indicator Suite for the TradingView platform we have identified a potential 5th Wave long swing trading opportunity for PSXP. We are using the Daily Tie frame for this analysis and would expect anything up t 25 Days in this stocks swing trade once through Entry.
Long Entry at $57.05 with Stop Loss below the wave 4 at $54.77 and Target of $61 in our automated target zone, which give a great Risk to Reward for this potential stock swing trading opportunity.
Our Elliott Wave Indicator suite concentrates on the behaviour of the wave 4 pull back and measures this in 3 ways. Firstly the Wave 4 has found support in the Amber zone (in our probability pullback zones) which represents an 80% probability that our automated 5th wave target zone will be hit. Next we have the Yellow dots in the over bought zone of our false break out stochastic indicator. When we get a wave 4 pullback against these yellow dots and a crossover on the oversold zone, there is a high probability the stochastic will return to that strong bullish move and into the over bought zone on the 5th wave move. And finally we measure the wave 4 pull back on our Elliott Wave Oscillator within 90/140%. In this case all of our entry requirements are met for a high probability 5th wave move.
next is entry strategy, which we teach in the accompanying training bootcamp. In this case we are going long outside of our Special 6/4 MA High (green MA) and above the whole $57 price.
To learn more about our Elliott Wave Indicator Suite for TradingView, please watch the Video Tour >>>HERE<<
