Anticipated Rally In Progress For Phillips 66

by Mike Paulenoff
June 5, 2022 • 11:41 AM EDT
Back on May 13, amid a thrust in the price of Crude Oil from $95/bbl to $112/bbl, Mike Paulenoff alerted MPTrader members to an actionable technical setup in energy producer PSX (Phillips 66), writing:
"My work has been extremely friendly since the beginning of May, looking for PSX to break out of its 11-month corrective accumulation pattern that will trigger a thrust towards a potential target zone of 110-115. As long any forthcoming weakness is contained above the sharply up-sloping 50 DMA on a closing basis, PSX is in a technically bullish juxtaposition. Today's surge to new highs at 97.98 last seen in January 2020 has the right look of the initiation of upside acceleration from the 11-month accumulation pattern."
PSX, which was trading at 97.25 at the time, has since climbed to a multi-year high at 104.84, a full 7.8% above his initial alert on May 13, and looks poised for still-higher prices that could approach Mike's optimal upside target of 110-115.
After last week's "disappointing" OPEC+ meeting, but ahead of a tentatively scheduled trip to the Mid-East by President Biden later this month, amid relentlessly rising gasoline and energy prices in the U.S., what's next for the trajectory of Crude Oil and energy names such as PSX, APA, SWN, XOM, HES, XLE, XOP, OIH?
Join Mike and Mptrader members for their ongoing intraday macro commentary, chart analysis, and actionable discussions about PSX and many other names, sectors, ETFs, macro indices, commodities, and Bitcoin.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
ETFs for precious metals, energy, currencies, and an array of equity indices and sectors, including international
markets, plus key ETF component stocks in sectors like technology, mining, and banking.
Sign up for a Free 7-day Trial!
On April 22, 2025, I posted the following analysis about my technical setup work in XBI (SPDR SP Biotech ETF):XBI (SPDR SP Biotech ETF)-- Could it be? Could it be that the near-40% correction from the 11/11/24 multi-year high at 105.47 to the 4/09/25 low at 66.66 fully discounted all the bad news in this sector? From a BIG Picture perspective, my attached Daily Chart shows this month's spike low into the vicinity of the previous major corrective low-zone starting in May 2022.
In the early afternoon on April 11, this was my note to our members:"IBIT (iShares Bitcoin Trust ETF)-- From a trading perspective, anyone who is in sync with the Bitcoin setup might consider owning IBIT (iShares Bitcoin ETF) against a stop below its 4/07/25 low at 42.98 (see my attached Daily Chart below)...
Last Thursday (4/17/25) afternoon, ahead of NFLX (Netflix) post-close earnings report and the three-day Good Friday holiday weekend, we discussed the technical setup and whether or not the NFLX pattern was positioned to react positively to the news : The NFLX setup heading into Earnings later today is favorable for upside continuation above the prior two rally highs at 993.45 (4/15) and 998.70 (3/25), but not to a new ATH above 1064.
Last Thursday afternoon (4/10/25), the commentary below is what I discussed with MPTrader members about my Big Picture technical setup work: Tomorrow is the final session of the week. We get some big bank Earnings and PPI before the open, and more than likely, one or more POTUS televised events that undoubtedly will move markets one way or other. Technically, tomorrow's (Friday) close will be important to my Weekly Chart Work.
At the beginning of last week, fellow members Rayray and GordonGekko asked for my technical setup work on BX (Blackstone Inc). This is what we discussed on the morning of March 25, 2025:My attached Daily Chart shows the November 2024 to mid-March 2025 correction (-32%) followed by the recovery rally from 135.60 to 153.18.