What happened to Phillips 66?
$PSX A stock that traded close to 120 per share last month opened this morning at 89.90
Is now the time to jump in or do we wait for a better moment, lets find out.
First let's take a look at the chart and see what we can find
The chart at this moment is obviously showing a downtrend pattern and is currently trading below the EMA13 line, if it bounces above that we can expect a trend upward. However, given the industry that #psx is in (oil) we need to view more than just the chart, right now all oil companies have taken a slight hit but strong companies like this have not changed a thing in respect to the infrastructure or development of their companies.
So? what does this mean?
It's a buying opportunity!! #PSX has been a strong dividend player for years with consistent growth. The -9% drop will equal a +9% gain in the coming months, through the new year i expect things to get back on course for this stock and will be looking forward to not only an increase in value but another dividend.
In summary i believe this is going to be a great stock to jump into, if you want to swing trade or benefit from the dividends either way now is a good time to look at $PSX.
If you're interested in more of my thoughts on Phillips 66 i'll be tweeting or on stocktwits all day. so let me know what you think, will you buy, or will you wait?
Check out my post on if you should buy amazon $AMZN or Daytrade it? https://www.investyourheartout.com/blog/buy-amazon-or-daytrade-amzn ________________________________________________________________________ Use this link to get a free share for you and I and if you have any questions at all feel free to contact me! http://share.robinhood.com/matth11 My favorite charting website! tradingview.com My favorite stock screener! Finviz.com You can also sign up for my newsletter and be one of the first to be informed on stock market tips and tricks as well as how-to's! https://www.investyourheartout.com/