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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Phillips 66 (NYSE:PSX) based on the price action in the company's shares. Today's price range of $59.39 and $61.09 is within yesterday'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. Owners of Phillips 66 may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

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.

Potential upside of 87.6% exists for Phillips 66, based on a current level of $61.09 and analysts' average consensus price target of $114.59. The stock should run into initial resistance at its 50-day moving average (MA) of $70.62 and subsequent resistance at its 200-day MA of $96.85.

In the past 52 weeks, Phillips 66 share prices have been bracketed by a low of $40.04 and a high of $119.92 and are now at $61.09, 53% above that low price. The 200-day and 50-day moving averages have moved 0.52% lower and 3.59% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Phillips 66. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Phillips 66 in search of a potential trend change.

Keywords: bearish inside day candle phillips 66

Ticker(s): PSX