Where Phillips 66’s Moving Averages Stand
In 2Q17, Phillips 66 (PSX) rose, likely due to its 1Q17 numbers. However, PSX’s 50-DMA (day moving average) stood below its 200-DMA. In 3Q17, at the end of August, the refining environment strengthened due to Hurricane Harvey, and Phillips 66’s 50-DMA crossed over its 200-DMA. A short-term moving average crossing above a long-term moving average is considered a bullish technical sign.