Phillips 66 (PSX) is testing its 200-day moving average on reports of insider buying, according to Robert Pedone of The Street. A sustained break up through the 200-day moving average at 79.96 could push the stock to new resistance levels around 85, 88 or even a test of the stock's 52-week high. A stock price trading above the 200-day moving average is a key bullish signal according to technical analysts in the stock market.
The stock has been rising steadily since it hit its recent low of 73.23 in the beginning of August. With a 52 week high of 94.12, and a current dividend yield of 3.2%, PSX is looking attractive to insiders, resulting in price appreciation of nearly 7 points over the past month.
Crude Oil Weighs on the Sector
Crude oil rose above $47 for WTI and above $49 for Brent Crude Thursday, September 8th on reports that Russia and Saudi Arabia had not reached an agreement on an oil output freeze to help stabilize the commodity's recent price weakness. Other problems in the oil market stem from a glut of oil created by overproduction by some countries trying to make up for lower oil revenues.
Crude oil rose above $47 for WTI and above $49 for Brent Crude Thursday, September 8th on reports that Russia and Saudi Arabia had not reached an agreement on an oil output freeze to help stabilize the commodity's recent price weakness. Other problems in the oil market stem from a glut of oil created by overproduction by some countries trying to make up for lower oil revenues.
The oil and gas industry in the US has also suffered as a result of oil's price decline since its all-time high of $147.27 on July 11, 2008 and its more recent drop from slightly over $100 in 2014.
Phillips 66 is a diversified company that operates in the oil and gas industry as a refiner and transporter of energy products. As a diversified producer of oil products, Phillips 66 is somewhat shielded from the falling price that has decimated much of the oil and gas production industry.
Phillips 66 is a diversified company that operates in the oil and gas industry as a refiner and transporter of energy products. As a diversified producer of oil products, Phillips 66 is somewhat shielded from the falling price that has decimated much of the oil and gas production industry.
Phillips' headquarters is located in Houston, Texas, but it operates on a global basis to distribute and market its products. Its product output ranges from fuels to chemicals. On May 1, 2012, Phillips 66 began trading on the New York Stock Exchange as a result of a corporate restructuring of ConocoPhillips that created the new company.
By: Victoria Duff (Investopedia).
Photo: Fortune.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
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By: Victoria Duff (Investopedia).
Photo: Fortune.
Review: Emerging Market Formulations & Research Unit, FLAGSHIP RECORDS.
For The #FacebookTeam