By Pete Najarian, co-founder of OptionMonsterNEW YORK -- Phillips 66 ( PSX) has run into overhead resistance after a scorching run higher, but traders are betting that the rally will resume. A trader bought 12,000 January 50 calls in a single print for $1.60 and sold two blocks of 6,000 January 55 calls for 60 cents and 65 cents, according to OptionMonster's tracking systems. There was straight call-buying in the November 49 strike as well. The January bullish call spread, which cost about $1 to establish, is looking for the stock to rally by expiration early next year. The independent energy and chemical company, which was spun off from Conoco in April, will release third-quarter earnings results on Oct. 31. The stock gained 4.75% Tuesday to close at $46.49, bouncing off its 50-day moving average after drifting lower this month. Shares came into June trading below $30 and ran all the way to a 52-week high of $48.22 on Sept. 14, with bullish option activity lighting up OptionMonster's systems repeatedly along the way. Total option volume in the name Tuesday was more than six times its daily average. Calls outpaced puts by 23 to 1. Najarian has no positions in PSX.