Bullish Trendline Could Boost Phillips 66 Stock

An unwinding of pessimism could also help the shares

Deputy Editor
Feb 7, 2023 at 12:14 PM
facebook X logo linkedin

Things are boding well for Phillips 66 (NYSE:PSX), which was last seen up 2.8% to trade $100.80, after the company announced it secured a long-term collaboration with Nexus Circular. PSX is up more than 11% year-over-year, while the $96 area stepped in as a layer of support during its last pullback. Even better, the stock is now trading near a historically bullish moving average. 

Digging deeper, Phillips 66 stock is within one standard deviation of its 200-day moving average, which has pushed the shares higher in the past. Over the last three years, PSX saw six similar signals, finishing 9.3% higher on average one month later in 83% of the occurrences. From its current perch, a move of similar magnitude would put the equity back above $110.

PSX Chart February 72023 

An unwinding of pessimism in the options pits could provide additional tailwinds. The security's 50-day put/call volume ratio of 1.35 at the International Securities Exchange (ISE), Chicago Board Options Exchange (CBOE), and NASDAQ OMX PHLX (PHLX) sits higher than 94% of readings from the past 12 months, indicating long puts have been getting picked up at a much faster-than-usual clip lately.

Echoing this, Phillips 66 stock's Schaeffer's put/call open interest ratio (SOIR) of 1.17 ranks higher than 97% of annual reading, suggesting short-term options traders have rarely been more put biased.

PSX calls can be had for a relative bargain right now. This is per its Schaeffer’s Volatility Index (SVI) of 34%, which stands higher than just 21% of readings from the past year, suggesting options traders are pricing in low volatility expectations at the moment.

Target Effortless Triple-Digit Gains Every Sunday Evening For Life!

This is your chance to triple your profit potential on Sunday evenings, without spending all your free time watching the market.

On Sundays, as a Weekend Plus subscriber, you’ll get up to 6 trades every Sunday, each targeting gains of 200% or more.

Start targeting gains like the ones our subscribers have seen recently, including:

213.3% GAIN on AutoNation calls
100.0% GAIN on Monster Beverage calls
100.4% GAIN on Walgreens Boots Alliance puts
100.4% GAIN on ON Semiconductor calls
257.7% GAIN on Dell calls

101.0% GAIN on Apollo Global Management calls
103.6% GAIN on JP Morgan  Chase calls
105.3% GAIN on DraftKings calls
101.3% GAIN on Airbnb calls
203.0% GAIN on Shopify calls
102.0% GAIN on Cboe Global Markets calls
100.9% GAIN on Boeing calls
102.1% GAIN on Microsoft puts
102.3% GAIN on First Solar calls
101.5% GAIN on PulteGroup calls
101.0% GAIN on Apple calls
209.4% GAIN on NXP Semiconductors calls
100.8% GAIN on Uber Technologies calls
100.4% GAIN on Academy Sports and Outdoors puts
102.2% GAIN on Trade Desk calls
100.8% GAIN on DoorDash calls
100.0% GAIN on Camping World Holdings puts
100.0% GAIN on Cboe Global Markets calls
100.2% GAIN on C3.ai calls
238.5% GAIN on Oracle calls



Rainmaker Ads CGI