$PSXBounce off previous S/R level with hidden bullish divergence developing on 1D & confirmed on 4H. Also just had big beat on earnings.
P1SX34 trade ideas
PSX Building BaseNot sure what this will do but alerts are set if it breaks this base. Strong sector (Energy) (Not trading advice; Educational)
Sunday Prep 7/25 - $PSX ShortHmmm, 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:
Is a perfect storm brewing?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 points where on-stop shorts can be positioned (without the risk of being affected by stop loss hunts)
Discussion
Several core issues to measure here:
1) OPEC - growing pump volumes'
2) USA dollar - and its purchasing power
3) US economy - is the US fiscal response still in-tact?
4) Covid-19 and economic recovery - new strains and 2nd / 3rd waves in countries - South Africa, USA etc.
We could have a situation where OPEC volumes being increased intersect with economic wobbles and new Covid impacts. So a perfect storm may be brewing!
Extra
Two oscillators are presented:
1 - Realised PnL for this stock - If I saw large losses being realised and a new cost basis being set by the wider market , I would be more inclined to think that the current set-up is a pivot point low and potential buying opportunity - currently this is NOT the case!
2 - Exempt short volume - measures the 'Urgency' of shorts- or hedgers. These points come in just before or at Pivot Point highs or after Pivot Point lows for cover. So I will be keeping an eye on this.
Good trading :)
Cup and HandleSupport 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.
very volatile stockshort 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 !
PHILLIPS 66 Course DailyHey 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 falling break gap will be filled. To once again try to breakout a zone of consolidation with significant resistance above (Detail thanks to ANDREWS PICHTFORK).
Please LIKE & FOLLOW, thank you!
Phillips 66 post-electionPost election ideas regarding Oil.
A win by Trump would make this highly likely.
PSX range 59 - 67Some really nice action off of support today. Anything close to the $60 is a clear buy
Phillips 66 Is Out of GasPSX has a nice flag off the March lows, which briefly got it above its long-term trend line from 2015 before immediately giving it back up again. That flag has also now broken into a bearish, downward-sloping channel.
And finally, it trades well below both its 50- and 200-day moving averages. This is a short.
PSX - Bullish SignalFundamentals
- Petroleum & Coal industries have reported growth in July 2020.
- Long term debt to equity ratio is in the lower spectrum.
- Diversified business makes it more sustainable in this difficult time.
- EPS expectation is very high for next year
Technicals
- MACD line is rising above the signal line.
- Retraced down to Fibonacci level 61.7% and now rising.
- MACD histogram is rising.
- Hit the lower bollinger band and rising
- Falling wedge is formed and price rose above the upper line.
NYSE:PSX
PSX: Could it be this simple?Hitting a support, RSI oversold and hitting a support there as well.
Could it be this simple?
$PSX Confluence zone$PSX Confluence zone between horizontal support with 0.61 Fibonnaci retracement and EMA 200. Weekly chart. Phillips 66 is expected to report earnings on 01/31/2020 before market open
You can now buy PSX at a discount!The bearish candle on 8 Jan shows how strong the sellers are pushing down the price and it
is highly likely to see more selldown this week or so till it finds support at the 2nd level , i.e.
99.81 or at the 3rd level of support at 95.17.
I believe years ago, this was one of the biggest holding of Berkshire Hathaway (Warren Buffet) but he has since been disposing this stock since 2018. Could the retail buyers been following his track ?
I suggest waiting for a week or two to see how the price falls and if it gets any support and at what level before initiating a buy.
Like I always say, it is easy to buy, taking you less than a minute to click the button but it can take you weeks and months and sometimes years to make a profit. The more capital is locked up without dividends or capital appreciation, the more it eats into your winning psychology.
So, be patient and wait out.
