Looking at the technical picture of the Phillips 66 (NYSE: PSX) stock on our 4-hour chart, we can see that the share price is now trading below two short-term tentative trendlines, an upside one taken from the low of April 25th, and a downside one drawn from the high of June 8th. Although this is seen as a negative sign for the near-term outlook, we would still prefer to wait for the stock to drop below the 100.11 hurdle, before aiming lower. That hurdle is the current lowest point of June, reached on the 13th of the month.
A break below that 110.11 hurdle would confirm a forthcoming lower low. PSX could then travel to the 98.49 obstacle, or to the 59.91 zone, marked by the inside swing high of May 23rd. The stock might stall there, or even rebound back up a bit. That said, if the share price continues to trade somewhere below the 100.11 hurdle, another decline could be possible. PSX may drift back to the 95.91 obstacle, a break of which might set the stage for a move to the 93.70 level. That level marks the low of May 24th and is also near the 200 EMA, which could provide additional support.
The RSI is flat and remains below 50. The MACD continues to aim lower, while sitting below zero and the signal line. Both indicators show negative price momentum, which supports the above-discussed scenario.
Alternatively, if the stock breaks the aforementioned downside line and the 104.98 barrier, marked by the high of June 15th, that could attract more buyers into the game. PSX may then rise to the 107.68 barrier, marked by the high of June 14th. That said, if the buyers are still strong, they might overcome that barrier and target the 111.27 level. That level marks the highest point of June, which was tested on the 8th of the month.
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