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Look for Shares of Phillips 66 to Potentially Rebound after Yesterday's 1.41% Sell Off

Comtex SmarTrend(R) - Thu Oct 15, 12:21PM CDT

Phillips 66 (NYSE:PSX) traded in a range yesterday that spanned from a low of $50.42 to a high of $51.63. Yesterday, the shares fell 1.4%, which took the trading range below the 3-day low of $51.12 on volume of 1.0 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean reversion.

Phillips 66 share prices have moved between a 52-week high of $119.92 and a 52-week low of $40.04 and are now trading 28% above that low price at $51.25 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 1% while the 200-day MA has slid 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Phillips 66 on June 11th, 2020 by issuing a Downtrend alert when the shares were trading at $77.41. Since that call, shares of Phillips 66 have fallen 32.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to SmarTrend at cs@mysmartrend.com

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