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?
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