Earnings Play Phillips 66

Close-up of stock market board
Blue avatar for FOREX.com guest contributors
By :  ,  Financial Analyst
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
Related tags: Equities Earnings
The complete CFD trading experience

Award-winning platforms, competitive spreads, low commissions and dedicated support.

We live and breathe the markets. For over 20 years, we've helped traders realise their ambitions and continue to set the industry bar.

Trading view chart close-up
Economic Calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.