Daily Stock Report

Phillips 66 - (PSX) - May 5, 2022

After spending 18 months stuck in the red zone of the SIA S&P 500 Index Report, Energy refining and downstream giant Phillips 66 has been climbing back up the relative strength rankings and recently returned to the Green Favored Zone. Yesterday, PSX finished in 34th position up 30 spots on the day and up 34 places in the last month. 

A major breakout is underway in Phillips 66 (PSX) shares this week. One of a relatively small number of stocks yet to regain their pre 2020 Market Crash highs, the shares have been building a base for recovery below $90.00 for the last year and a half. This week, PSX has broken out over $90.00 to trade at its highest level since January of 2020, completing a bullish Ascending Triangle base and also breaking out of the $62.50 to $90.00 range that prevailed over the last year, both combining to signal the start of a new advance. 

Some resistance may initially appear at the November 2019 peak near $108.00, followed by $114.00 and $117.50 based on measured moves from recent trading ranges. Initial support moves up to the $90.00 breakout point. 

Accumulation has resumed this month in Phillips 66 (PSX) shares, which have broken out of a symmetrical triangle, completed bullish Double Top and Spread Double Top patterns, and rallied to their highest level since January of 2020 over the last few days, resolving three months of congestion to the upside. 

Initial upside resistance appears at the December 2019 peak near $109.10, followed by $115.75, based on a horizontal count. Initial support appears near $87.70 based on a common 3-box reversal.  

With a bullish SMAX of 9, PSX is exhibiting strength against the asset classes. 

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