Phillips 66 (PSX) is a diversified energy manufacturing and logistics company with refining, midstream and chemicals. The stock price has climbed higher since late June and is now standing at a new 52-week high.
Let's check the charts and indicators for price targets and more.
In the daily bar chart of PSX, below, I can see that the shares have broken above the highs of November and January. PSX trades above the rising 50-day moving average line and above the rising 200-day line.
The On-Balance-Volume (OBV) line has been on a sharp move higher as buyers of PSX have been more aggressive than sellers. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment above the zero line.
In the weekly Japanese candlestick chart of PSX, below, I can see a bullish setup. Prices have been in a longer-term trend to the upside and trade above the rising 40-week moving average line.
The weekly OBV line is strong and very close to making a new high for the move up. An upside breakout in the OBV line will help support the bull case. The MACD oscillator has turned up above the zero line for an outright buy signal.
In this daily Point and Figure chart of PSX, below, I can see a price target in the $130 area.
In this weekly Point and Figure chart of PSX, below, I can see a price target in the $166 area.
Bottom-line strategy: PSX shares are heading higher and traders could go long at current levels. Risk to $107. The $130 area is my price target for now.
