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Possible Bullish Inside Day Candle Pattern Detected for Phillips 66 (NYSE:PSX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Phillips 66 (NYSE:PSX) based on the price action in the company's shares. Yesterday's price range of $88.27 and $88.62 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Phillips 66 may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, Phillips 66 share prices have been bracketed by a low of $80.24 and a high of $119.92 and closed yesterday at $88.60, 10% above that low price. The 200-day and 50-day moving averages have moved 0.01% lower and 0.95% lower over the past week, respectively.

Phillips 66 has overhead space with shares priced $88.60, or 22.7% below the average consensus analyst price target of $114.59. Phillips 66 shares should first meet resistance at the 200-day moving average (MA) of $101.00 and find additional resistance at the 50-day MA of $102.99.

Phillips 66 is a downstream energy company. The Company's operations include oil refining, marketing, and transportation. Phillips 66's operations also include chemical manufacturing and power generation.

SmarTrend is tracking the current trend status for Phillips 66 and will alert subscribers who have PSX in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle phillips 66

Ticker(s): PSX