The Greedy Trader Weekly Analysis
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- 3/15/2024 -
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Phillips 66 (PSX) Technical Analysis

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Summary:
Weekly :Overbought sectorBroken uptrend resistance line - uptrend exhaustionBroken uptrend resistance line - uptrend exhaustionWilliams' Percentage Range and Lane's Stochastic are overbought
Daily :Lane's Stochastic is overboughtThe price is above the upper Bollinger Band
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It was a second consecutive positive week for the Phillips 66 (PSX). During the week, the PSX gained 9.69 points, or 6.49%, and closed at 159.03 on Friday, March 15, 2024. It was the best weekly gain since January 26, 2024. Weekly volume was 13% above average.

PSX is a member of Energy Sector. Energy is the most overbought 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 uptrend had started on March 18, 2020 at 40.04 and reached 159.74 on March 15, 2024. PSX gained -119.70 points, or -298.95%, in 208 weeks. The chart has formed a Rising Channel chart pattern. The uptrend resistance line (96.48) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 June 23, 2023 at 89.74 and reached 159.74 on March 15, 2024. PSX gained -70.00 points, or -78.00%, in 38 weeks. The chart has formed a Rising Wedge chart pattern. The uptrend resistance line (144.23) is broken, while daily and weekly technical indicators are overbought. Uptrend is exhausted and trend reversal is possible soon. 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 medium-term trend.

Weekly Technical Indicators: [See PSX weekly technical indicators chart]
Weekly Williams' Percentage Range and Lane's Stochastic are overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Williams' Percentage Range and 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 November 24, 2023. 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 February 28, 2024 at 140.87 and reached 159.74 on March 15, 2024. PSX gained -18.87 points, or -13.40%, in 16 days. Price is near the trend high.

Daily Technical Indicators: [See PSX daily technical indicators chart]
Daily Lane's Stochastic is overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Lane's Stochastic.

The daily MACD line is above its signal line since March 7, 2024. This is an indication that the short-term trend is up.

The price has closed on Friday above the upper Bollinger Band. It is considered a bullish signal. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.41
Williams' Percentage Range (W%R) 28.70
Lane's Stochastic (%D-Slow) 89.42
Overbought
Greed/Fear Indicator (GFI) 77.38
Moving Average Converg./Diverg. (MACD) 2.56
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 79.38
Williams' Percentage Range (W%R) 10.60
Overbought
Lane's Stochastic (%D-Slow) 84.03
Overbought
Greed/Fear Indicator (GFI) 79.51
Moving Average Converg./Diverg. (MACD) 8.22
Trading Signals
Description Value Chart
Price 159.03
Daily Stochastic Crossing 158.27
Upper Bollinger Band 157.42
Monthly Trendline Resistance 155.06
Weekly Stochastic Crossing 154.51
Quarterly Trendline Resistance 151.14
Parabolic System 147.36
20 Day Moving Average 147.36
Quarterly Trendline Support 144.23
Monthly Trendline Support 141.94
50 Day Moving Average 141.89
Lower Bollinger Band 139.29
Yearly Trendline Resistance 131.31
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Refining & Marketing 115
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 140.87
Low Date 02/28/2024
High 159.74
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 140.87
Low Date 02/28/2024
High 159.74
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 155.06
Support 141.94
Low 107.85
Low Date 10/27/2023
High 159.74
High Date 03/15/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Wedge
Status Broken Resistance
Resistance 151.14
Support 144.23
Low 89.74
Low Date 06/23/2023
High 159.74
High Date 03/15/2024
Description Value
Direction Up
Chart Pattern Rising Channel
Status Broken Resistance
Resistance 131.31
Support 96.48
Low 40.04
Low Date 03/18/2020
High 159.74
High Date 03/15/2024
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.