Earnings Play: Phillips 66
Jason Lubin April 30, 2020 3:25 PM
How to play Phillips 66 earnings release
On Friday, before market, Phillips 66 (PSX) is anticipated to release 1Q EPS of $0.62 compared to $0.40 the prior year on revenue of approximately $20.7B vs. $23.7B last year. The company's current analyst consensus rating is 20 buys, 2 holds and 0 sells, according to Bloomberg.
From a chartist's point of view, Phillip's stock price has been holding along a rising trend line since mid-March. The RSI has also been holding a rising trend line, currently sitting just above 65. In early April price found resistance just below the 50 day moving average where it pulled back and found support at the 20 day moving average, also above the rising trend line. Price held above the 20 day moving average and rising trend line until it broke above the 50 day moving average. Price action then proceeded to retest the $67.00 resistance where price was rejected just a few weeks before. The next day price gapped above that $67.00 resistance, which is a bullish signal. Price has continued to be bullish and appears to be headed for $79.00. If price can reach $79.00, then the next big resistance level is $88.00. As long as price can hold above the new support level of $67.00, we should expect a continuation of the up trend.
Source: GAIN Capital, TradingView
Disclaimer: The information on this web site is not targeted at the general public of any particular country. It is not intended for distribution to residents in any country where such distribution or use would contravene any local law or regulatory requirement. The information and opinions in this report are for general information use only and are not intended as an offer or solicitation with respect to the purchase or sale of any currency or CFD contract. All opinions and information contained in this report are subject to change without notice. This report has been prepared without regard to the specific investment objectives, financial situation and needs of any particular recipient. Any references to historical price movements or levels is informational based on our analysis and we do not represent or warranty that any such movements or levels are likely to reoccur in the future. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness, nor does author assume any liability for any direct, indirect or consequential loss that may result from the reliance by any person upon any such information or opinions.
Futures, Options on Futures, Foreign Exchange and other leveraged products involves significant risk of loss and is not suitable for all investors. Losses can exceed your deposits. Increasing leverage increases risk. Spot Gold and Silver contracts are not subject to regulation under the U.S. Commodity Exchange Act. Contracts for Difference (CFDs) are not available for US residents. Before deciding to trade forex and commodity futures, you should carefully consider your financial objectives, level of experience and risk appetite. Any opinions, news, research, analyses, prices or other information contained herein is intended as general information about the subject matter covered and is provided with the understanding that we do not provide any investment, legal, or tax advice. You should consult with appropriate counsel or other advisors on all investment, legal, or tax matters. References to Forex.com or GAIN Capital refer to GAIN Capital Holdings Inc. and its subsidiaries. Please read Characteristics and Risks of Standardized Options.