Phillips 66 Trading Analysis (05/06/2024)

The trend is ascending. The stock is traded in the range between 365 and 135 ЕМА. The downward wave structure is truncated. There is a bullish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals the oversold state. Bears have tested the mirror level of 136.20.

Trading idea:

• Buy when the formation of the ascending wave structure begins, when the wave A breaches the sloping channel of the downward truncated structure.
• Stop-Loss at 136.20.
• Target price levels at 149.20 and 159.20.

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