PSX | Informative

Oct 19, 2023

PSX

Overall Trend: The stock has been following an upward trend, as evident from the upward-sloping blue trendline. This suggests bullish momentum.

Candlesticks:

We see a mix of bullish and bearish candles, but the bullish candles are larger in body, suggesting stronger buying pressure.
The large blue candlestick in the recent period might indicate strong buying interest.
Moving Averages:

The stock is trading above both the short-term and long-term moving averages, which is a bullish indicator.
The moving averages are also in an upward trajectory, further affirming the bullish momentum.
Support and Resistance:

Bullish Line (Resistance turned Support): The stock has broken above the "Bullish Line" at 116.77 USD, turning it into a potential support.
Bearish Line (Resistance): At 115.23 USD, if the stock moves downwards, this could be a resistance point to watch.
Price Targets:

Target Price 1: 113.80 USD - If there's a pullback, this could be a potential lower target.
Target Price 2: 111.56 USD - A further downward target if the stock faces more selling pressure.
Target Price 1: 118.50 USD - An upward target if the bullish momentum continues.
Target Price 2: 119.78 USD - A higher potential target with continued bullish activity.
Volume:

A significant spike in volume accompanies the large bullish candlestick, suggesting strong buying interest.
RSI (Relative Strength Index): The RSI is hovering around the middle range. It's not in the overbought or oversold territories, suggesting that there's room for the stock to move in either direction.

Summary:
The stock shows signs of bullish momentum, with strong buying interest evident from the recent large bullish candlestick and the upward trend. The break above the Bullish Line is a positive sign. However, it's essential to watch for potential pullbacks towards the bearish line and monitor the stock's movement in conjunction with real-world news or financial data related to Philips 66.

Oct 20, 2023

Trade closed: target reached