Tony Zhang breaks down a trade in Phillips 66.
As oil rebounds following oversold conditions, it provides an opportunity for buyers to step in, especially with the potential for geopolitical tensions to rise. And one energy stock that looks set up to potentially break out is Phillips 66 after largely trading in a range since February. If we examine the chart of PSX, it rallied over 60% from the Oct 2023 lows to April 2024, but recently pulled back into a range between $135 and $145 for the last couple of months.
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