PX Target Reached. Downturn Next?
After breaking out from a small inverted head and shoulders (kindly see our previous post HERE), Philex Mining Corp. (PX) indeed reached our target of Php 18.50. However, it seems that the tide could turn on the negative side soon. As you can see from its chart, PX is still generally in a bearish environment – it broke down from a bigger double top/failure swing pattern and its long term uptrend line. At present, PX is encountering some heavy resistance at Php18.50 area which coincides with the neckline of the double top pattern and the long term uptrend line. Notice also that 38.2% Fibonacci level also lies in the same area. Based on the weight of the evidence, PX could see a downturn in the very near turn. It may even fall back to around the Php15 area. For it to move higher, it has do decisively break Php18.50 on heavy volume. If it does, then a move towards Php20 or higher would be easy.
