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Head and Shoulders

PSX | Oil and Gas is on the Rise | LONGPhillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining, Renewable Fuels, Marketing and Specialties, and Corporate and Other. The Midstream segment provides crude oil and refined products transportation, terminal, and processing services, as well as natural gas, natural gas liquids, and liquefied petroleum gas transportation, storage, processing, and marketing services. The Chemicals segment produces and markets petrochemicals and plastics worldwide. The Refining segment refines crude oil and other feedstocks into petroleum products such as gasoline, distillates, and aviation fuels. The Marketing and Specialties segment purchases for resale and markets refined petroleum products such as base oils and lubricants, and power generation operations. The Renewable Fuels segment processes renewable feedstocks into renewable products at the Rodeo Renewable Energy Complex (Rodeo Complex) and at Humber Refinery. The company was founded in 1875 and is headquartered in Houston, TX.
NYSE:PSXLong
by DivergenceSeeker
CCO | Distribution Pattern | FractalsLooking ahead we can see the next phase of price action falling into a distribution pattern Since correction wave 4 buyers took off but seem to be running out of steam. Eventually sellers will have to show what they can do after this trend breaks on a lower timeframe. Ideal move going forward would focus on short positions only with a local swing target of ~$96 since that was the last area of support Entries would be somewhere at the Head if using textbook patterns (HnS) or SMR A confirmation entry to be on the safe side would be after the Breakout Bar indicating a change in trend, and then waiting for the Distribution phase to kick in for more shorting opportunities. To add confluence to this trade idea we can look back at historical price action and find similar fractals that matches with current price movement At least two fractals are spotted with the same patterns that are building the same price structure we're in Elliott Impulse Wave, HnS Pattern, and Distribution Phases. If buyers are not interested in the local support lvl then liquidity at $76 will be next zone.
TSX:CCOShort
by Nathanl19