PSX - short term weak

Whilst the main market continued to lean fractionally higher, there was significant weakness in Phillips 66 (PSX), which settled -3.8% at $90.87. With a decisive break of rising trend, s/t outlook is bearish. However, more broadly, the stock looks headed for the giant psy' level of $100.


PSX daily

PSX monthly

Summary

Suffice to add, s/t weak, but m/t, this stock has already achieved a key breakout, as especially seen on the bigger monthly chart.

F' PE: 15s, yield 3.1%. Certainly not super cheap, but neither is it expensive.

Keep in mind the fact that WTIC has ended the bearish series of lower highs and lower lows. A move to the 54/55s looks viable before year end, and that could only help re-inspire the stock back upward.

M/T bullish to $100, and from there... 125/30 by mid 2018.. which isn't that bold.