Hi guys! I've been observing Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock Exchange for the past month (kindly check here for my last post about it). Now, the ascending triangle formation in its stock chart has broken out (indicated by the red circle) as its price passed above the 7.20 peso resistance two trading sessions ago. For those who do not know, this company 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 certain provinces. Anyway, getting back to the breakout, the next resistance Phoenix Petroleum could encounter is 8.00 pesos. Upon further breaching above level, the next resistance could be 8.70 pesos. On the downside, the triangle's resistance at 7.20 pesos could now act as the immediate support for this Philippine based company. In case the price further drops below the 7.20 marker, the next support could be the 18-month uptrend.
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