PXP: Resurfacing From The Deep?
After seeing the shares of Philex Petroleum Corporation (PXP) plunge from a high of Php 48 to a low of Php 23 late last year, it seems that it can start to recover at least part of its losses. Since September 2012, PXP has been consolidating within a cup and handle formation which it escaped from today. Given today’s price action, where it even made a bullish gap and closing above the Php 30 level resistance, PXP may aim for its minimum upside target of Php 37, assuming it stays above Php 30.
