Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock Exchange is involved in trading refined petroleum, lubricants and other chemical products in the southern part of the Philippines. They also have service stations which cater to commercial vehicles in those provinces. Anyway, the shares of Phoenix have been moving sideways since at the start of 2010. Notice that during the course of this time, it has been setting up an ascending triangle formation. We could also see a diminishing volume from where the possible triangle has started to form. Since PNX is coming off an uptrend, breaking out to the upside has a higher possibility than breaking down from the said formation. If it breaks above the triangle’s resistance line, Php 8.00 should be an easy target to reach. On the flip side, if it retreats, it could slide back towards the triangle’s support. And if that support doesn’t hold, the Php 5.80 mark probably would at least in the short term.
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