The energy sector remains strong and Phillips 66 ( PSX) has recently broken out on the upside from a base pattern. Let's check out the charts and indicators. 
In this daily bar chart of PSX, below, we can see that the current advance started back in September. Since the fall, prices have made higher lows and higher highs - the simple definition of an uptrend.
Prices are trading above the rising 50-day moving average line and above the rising 200-day line. The daily On-Balance-Volume (OBV) line has been firm to strong since September and is close to making its own new high to confirm and support the price gains to date. The Moving Average Convergence Divergence (MACD) oscillator is in a bullish alignment.
In this weekly Japanese candlestick chart of PSX, below, we can see a large double-bottom pattern for PSX back in 2020. Prices have been in an uptrend from late 2020 and have broken out over resistance in the $90-$95 area. Trading volume has been active the past two years but the weekly OBV line has been neutral. The weekly MACD oscillator is in a bullish alignment.
In this daily Point and Figure chart of PSX, below, we can see an upside price target in the $115 area.
In this weekly Point and Figure chart of PSX, below, a target of $131 is being projected by the software driving this website.
Bottom line strategy: Traders could go long PSX at current levels and on any shallow one or two day dip, if available. Risk to $87 for now. $115 and then $131 are our upside price targets.
