Phillips 66 Trading Analysis (15/08/2024)

The trend is descending. The stock is trading in the range between 365 and 135 ЕМА. The upward wave structure is truncated. There is a bearish divergence on the Awesome Oscillator, and the Stochastic Oscillator signals an overbought condition.

Trading idea:

• Sell when the formation of the descending wave structure begins, when the wave A breaches the sloping channel of the upward truncated structure.
• Stop-loss over the local maximum of the ascending structure at 138.25.
• Price targets at 132.68 and 129.30.

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