Phillips 66 (PSX stock) price is closing the previous session’s candle above the 200-day EMA, which is an early indication of the upcoming bullishness of the stock. Furthermore, PSX stock is too close to the round mark of $100, which, if surpassed, leads to a fresh breakout.
The price action showed signs of increasing buying pressure in the last session, forming a falling wedge pattern on the charts. Moreover, the recent bounce with a massive spike in trading volumes indicated that the pressure was going to sustain. Furthermore, analysts maintained a strong buy rating per the stock’s technicals and valuations.
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 2.0 Million barrels per day, or mmb/d, after converting its 255 mb/d Alliance refinery to a terminal. The midstream segment comprises extensive transportation and NGL processing assets.
It also includes its DCP Midstream joint venture, which holds 45 natural gas processing facilities, 11 NGL fractionation plants, and a natural gas pipeline system with 58,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
At press time, PSX stock was traded at $99.44 with a massive gain of 4.23% smashing through the 200-day EMA. Furthermore, the trading volume also noted an increase of 7.78% to 5.341 Million. The market cap of PSX stock is $45.629 Billion.
PSX Stock Price On Daily Charts
On the daily charts, PSX stock showed a massive intraday gain of 4% and trapped sellers who maintained their positions near $100. Furthermore, if follow-on buying arises in the stock and sustains above $102 in the following sessions, it will lead to a massive bull rally.
As per the Fib levels, PSX stock surpassed the 50% Fib level and is now near the 61.8% level, which was at $105.
Short Term Chart Shows a Vertical Rebound
On the 4-hour charts, PSX stock was forming a bullish chart structure and showed buyers persistence on the stock.
Furthermore, the leading indicators are also predicting an upcoming breakout.
The RSI curve showed a sharp move, floating near 76 above the overbought zone and forming a positive crossover on the chart, reflecting bullishness on the charts.
The MACD indicator also persisted to form green bars and formed a bullish crossover on the charts.
Conclusion:
Phillips 66 (PSX stock) price is close to $100, suggesting an upcoming breakout. Moreover, the buyers are activating their muscles and showing strength in the past sessions.
Technical Levels
Support Levels: $90
Resistance Levels:$100 and $110
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/07/09/phillips-66-stock-nyse-psx-near-100-buying-spree-up-ahead/