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Archive
- 8/9/2019 -
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Phillips 66 (PSX)

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Summary:
Weekly :Williams' Percentage Range is overboughtLane's Stochastic is strongly overboughtOversold sectorBroken trend resistance line
Daily :The price has fallen below the Parabolic SARPrice has crossed below the 50 Day Moving AverageBearish Harami CandlestickThe price moved above the moving average in the center of the Bollinger Bands
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It was a first positive week for the Phillips 66 (PSX). During the week, the PSX climbed 0.92 points, or 0.92%, and closed at 100.44 on Friday, August 9, 2019. Weekly volume was -17% below average.

PSX is a member of Basic Materials Sector. Basic Materials is the most oversold sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See PSX long-term trend chart]
A long-term downtrend had started on August 7, 2018 at 123.97 and reached 78.44 on December 24, 2018. PSX lost 45.53 points, or 36.73%, in 19 weeks. The chart has formed a Ascending Triangle chart pattern. The downtrend resistance line (81.06) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See PSX medium-term trend chart]
A medium-term uptrend had started on May 31, 2019 at 80.24 and reached 104.46 on July 31, 2019. PSX gained -24.22 points, or -30.18%, in 8 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 96.31 and resistance is at 108.90. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.

Weekly Technical Indicators: [See PSX weekly technical indicators chart]
Weekly Williams' Percentage Range is overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range or strongly overbought weekly Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.

The weekly MACD line is above its signal line since June 21, 2019. This is an indication that the medium-term trend is up. Use the following link to access a MACD help.

Short-term trend: [See PSX short-term trend chart]
A short-term uptrend had started on August 5, 2019 at 94.99 and reached 100.96 on August 9, 2019. PSX gained -5.97 points, or -6.28%, in 4 days. The price is now at the 8.71% retracement level.

Daily Technical Indicators: [See PSX daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since July 24, 2019.

During the last week, the price has fallen below the Parabolic SAR (stop and reversal). A Parabolic SAR above the price is a bearish signal, and it indicates that momentum is likely to remain in the downward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.

During the last week, the price has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Candlestick pattern: [See PSX candlestick chart pattern]
On Friday the chart has formed a Bearish Harami Candlestick pattern. A Bearish Harami pattern occurs in an uptrend. It shows the bulls’ upward drive has weakened and now a trend reversal is possible. The reliability of the Bearish Harami pattern is low. Use the Technical Stock Screener to see the list of stocks that had a Bearish Harami Candlestick pattern during the last week.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 43.68
Williams' Percentage Range (W%R) 41.50
Lane's Stochastic (%D-Slow) 35.02
Greed/Fear Indicator (GFI) 45.73
Moving Average Converg./Diverg. (MACD) 1.71
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.00
Williams' Percentage Range (W%R) 16.20
Overbought
Lane's Stochastic (%D-Slow) 90.67
Strong Overbought
Greed/Fear Indicator (GFI) 78.29
Moving Average Converg./Diverg. (MACD) -1.08
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 108.90
Upper Bollinger Band 103.48
Weekly Stochastic Crossing 102.34
Parabolic System 101.46
20 Day Moving Average 101.01
Price 100.44
Daily Stochastic Crossing 98.97
Quarterly Trendline Support 96.31
Lower Bollinger Band 95.41
50 Day Moving Average 94.46
Yearly Trendline Resistance 85.01
Yearly Trendline Support 81.06
Sector and Industry
Description Name Rank
Sector Basic Materials 1
Industry Oil & Gas Refining/Mrktng 55
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 94.99
Low Date 08/05/2019
High 100.96
High Date 08/09/2019
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 94.99
Low Date 08/05/2019
High 100.96
High Date 08/09/2019
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 104.46
High Date 07/31/2019
Low 94.99
Low Date 08/05/2019
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 108.90
Support 96.31
Low 80.24
Low Date 05/31/2019
High 104.46
High Date 07/31/2019
Description Value
Direction Down
Chart Pattern Ascending Triangle
Status Broken Resistance
Resistance 85.01
Support 81.06
High 123.97
High Date 08/07/2018
Low 78.44
Low Date 12/24/2018
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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