Sunday, September 19, 2010

Phoenix Petroleum Technical Analysis Update

Hello everyone! Another week of trading lies ahead. What I have here is my technical analysis update on Phoenix Petroleum or PNX in the Philippine Stock Exchange. As you can see last August 26, when I posted about this, the stocks have just bounced off the 8-peso resistance after breaking out from the triangle formation (kindly check here). More than a month after, not only has the 8-peso marker been breached but the stocks have also moved passed above the 8.70-peso resistance. By the way, I had a post on this right when it broke out from the triangle formation last July 25 (you may see it here). So for the awesome readers who were convinced by my analysis and considered buying PNX stocks at that point, you've already gained more than 20% and that's definitely not bad at all! Anyway, here are my technical updates on the Phoenix Petroleum stock chart: The stocks could further push upward and continue to run with the bulls, however, there could be some selling pressure at the 10-peso psychological level which for me is also a good resistance area. If it successfully breaches above that level, the next resistance could be 11 pesos. On the downside, the former 8.70 resistance could now act as the current support. If the stocks further drop below that price mark, the next support could be 8 pesos.

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