Chart of the Week: PSX
This week we are going to be focused in on energy name Phillips 66; PSX is the symbol. We are going to look at a daily and a weekly chart today.
We got this really strong move higher in this stock from about the middle part of June, and it’s just making a series of higher highs and higher lows.
The parabolic SAR is still in bullish territory here (bearish here for a couple of days).
We can see on the go-no-go chart that light blue is strong bullish based on the composite of indicators that this guy uses. When it’s in teal it’s cautiously bullish, but we’ve been strongly bullish here for the past couple of weeks. We’ve had a really nice breakout here. We are going to see that also on the weekly chart.
MACD is on a buy signal here. You can also see that money flow has been strong. We are making higher highs and higher lows on the chart here.
Finally, the TDI at the bottom, which is the Trader’s Dynamic Index, which compares relative strength to where the bollinger bands are at, has been making higher highs and higher lows. It’s also on a crossover move to the upside, so this is also extremely bullish.
Take a look the weekly chart. We can see higher highs and higher lows, too. And a breakout above that 108 level just a few weeks ago was real strong.
PSX is a name that I like. We have some calls in this one, too. As long as oil prices are strong and going up, we could certainly see Philips 66 start moving higher.
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