Every week Tech Charts Global Equity Markets report features some of the well-defined, mature classical chart patterns under a lengthy watchlist and the chart pattern breakout signals that took place during that week. Global Equity Markets report covers single stocks from developed, emerging and frontier markets, ETF’s, select commodities, cryptocurrencies and global equity indices. Below chart is from the watchlist section of the weekly report. It is featuring the head and shoulder continuation chart pattern on Phillips 66 listed on the New York Stock Exchange.
PHILLIPS 66 (PSX)
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The stock is listed on the New York Stock Exchange. Price chart formed a year-long head and shoulder continuation with the horizontal boundary acting as strong resistance at 93.90 levels. The horizontal boundary was tested several times over the course of the chart pattern. A daily close above 96.70 levels will confirm the breakout from the year-long head and shoulder continuation with the possible chart pattern price target of 121.00 levels. Friday’s price action was borderline breakout. I will monitor this name for another day of strength to confirm the breakout.
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