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SmarTrend Watching for Potential Pullback in Shares of Phillips 66 After 3.41% Gain

By Amy Schwartz

Phillips 66 (NYSE:PSX) traded in a range yesterday that spanned from a low of $118.25 to a high of $122.38. Yesterday, the shares gained 3.4%, which took the trading range above the 3-day high of $119.16 on volume of 1.8 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Phillips 66 has traded in a range of $73.67 to $122.38 and is now at $122.13, 66% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Phillips 66 on March 9th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $95.86. Since that recommendation, shares of Phillips 66 have risen 23.3%. We continue to monitor PSX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders phillips 66

Ticker(s): PSX