All of the leading oil refinery stocks topped out in early November 2019. Leading oil refinery stocks such as Phillips 66 (PSX), Marathon Petroleum (MPC), Valero Energy (VLO), HollyFrontier (HFC) and others have been struggling to catch a bid since the new year. All of these refinery stocks are now trading below their important 50 and 200-day moving averages. This technical setup puts this industry group in a weak chart position and lower prices are likely in the near term.
Phillips 66 (PSX) is a leader in the industry group. The stock peaked out around the $120.00 level in early November 2019. Today, the stock trades at $88.92, which is a 25% decline from it’s November highs. Trader should now watch the $85.00 area for near term support. This is where the stock was defended in June 2019. Often, past reversal levels will be support when retested.
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