Crude oil refiner Phillips 66 (PSX) is in freefall. After topping out above $90 just a month ago, the stock has collapsed to a current price of $60.60. Investors are starting to nibble but the Phillips 66 stock chart says wait until the $53.35 price point. This is the technical retrace and gap-fill level that signals major support. As a swing trade, this Phillips 66 stock chart level screams buy for a bounce of at least 25% in the near-term.

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