Back to top
We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Image: Bigstock
Phillips 66 (PSX) Recently Broke Out Above the 50-Day Moving Average
Phillips 66 (PSX - Free Report) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, PSX broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Shares of PSX have been moving higher over the past four weeks, up 5.2%. Plus, the company is currently a Zacks Rank #2 (Buy) stock, suggesting that PSX could be poised for a continued surge.
Looking at PSX's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 6 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
Given this move in earnings estimate revisions and the positive technical factor, investors may want to keep their eye on PSX for more gains in the near future.