Phillips 66 Technical Analysis (NYSE:PSX)
Technical analysis relies on the belief that future price movements of a stock can be forecasted through the study of historical market data and technical charts. Just by looking at the Phillips 66 stock price one can't take a trading decision. A trader needs to find a chart pattern, which is a clear cut pattern formation on the PSX stock chart which creates a trading signal.
View technical indicators like moving averages (SMA and EMA), and bollinger bands for Phillips 66. Technical analysis uses an approach for Phillips 66 stock analysis that does not care for the fair "value" of a company but uses price and volume data only.
Phillips 66 Moving Average:
PSX stock price movements can be forecasted by using triggers based on moving averages, which are also some of the simplest technical indicators. The way the averages are calculated in each of the 2 popular cases, that is SMA and EMA varies, however the interpretation of Phillips 66 chart patterns after the calculations remain the same. The 100 day moving average of 81.85 is below the last closing price of 89.14. The longer the duration of the moving average, the higher the lag. For example, 200 day moving averages for Phillips 66 are mostly signals of long term trends and will help long term traders.
Phillips 66 Bollinger Bands:
Bollinger Bands developed from the concept of trading bands and can be used to measure the high-low range of Phillips 66 stock price relative to previous trades. Phillips 66 bollinger bands show that the stock price is $89.14, upper band is 32.89, lower band is 29.58, and the average is 31.23.
Phillips 66 Moving Average Convergence Divergence or MACD:
The moving average convergence divergence or MACD is a technical indicator which helps assess the stock price trend. Traders usually wait for a confirmed crossover signal before entering into a trading position. Divergence implies that the current stock price trend could come to an end, when the stock price diverges from MACD. The Phillips 66 MACD indicator can be used to identify bullish and bearish trends for the stock.
Phillips 66 Relative Strength Index:
The RSI is a valuable tool to determine overbought / oversold stocks and measures the recent performance of a stock in relation to its own stock price history. If the RSI of PSX stock goes above 70 it could indicate an overbought condition, and if it goes below 30 it could signal an oversold position. .