Hi stock traders! Here's a follow up on my Phoenix Petroleum (PNX) technical analysis which I posted a month ago right when its stocks broke above the ascending triangle formation's resistance. As you can see now on the PNX stock chart, the stocks continued to ascend upon the breakout tapping the minimum target price of 8.00 pesos which also is the immediate resistance as I mentioned before (kindly check here). Lucky for those who bought the stocks right at the breakout point as they could have already yielded around 10% in a month time if they sold at 8.00 pesos. Well, I bet the others are saying right now they could earn that in just a day trading other stocks lol.
As the Phoenix Petroleum stocks continue to move within the 8.00 peso resistance and the 19-month uptrend, they are going to lose their breathing space as those levels are about to intersect in a few months. Thus, the stocks could just either move past above that 8.00 peso marker or dive below the the 19-month uptrend. In case it breaks above the 8.00 peso resistance, the next one could be 8.70 pesos. On the other hand, if the stocks drop below the 19-month uptrend, the next area of support is 6.80-7.00 pesos. If the stocks continue to decline and clear out the 6.80-7.00 peso level, the next support could be 6.50 pesos.
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