Psx is still very overbought at these levels, a little selloff would be a good thing for an upside move..
Yeah, that's the last thing all the buy and holders here want to here, but it is very overbought on any number of techs..
What would be ideal, imo, would be a pullback to test the $62 level, which was the top of the 3-month channel that it broke out of on 10/17. I'm a buyer then, just a bit too expensive here. Right now it looks like price is looking to either base or find true value..
Pullbacks are VERY good things, essential for further upside moves..
Careful! I made this mistake when I sold off COP 3 month ago hoping for a lower reentry point. - It never happened.
I just bought in at $63.95. I don't think you will see the 62 range for a while.
g_squared....I did the exact same thing with COP. I sold my position in late June at around $60 looking for it to pull back to $58.-$59 before buying back in. Needless to say I never got the chance and I had to buy back in at a much higher price. I don't intend on making the same mistake with PSX.