Bounce Play on PXP?
Last January 7, 2013, Philex Petroleum Corporation broke out from a cup and handle pattern (see write-up HERE) that has a neckline of Php30.00 to Php30.50. Shortly after the breakout, it raced upwards before getting halted by the Php34.00 level. Since then it has just move in a sideways fashion. Recently, it fell back towards the Php30.50 neckline. Now it may use this level as a support to push itself back up. A bounce off of this level could send it towards Php34.00 again. A break below Php30.00, on the other hand, could send it to at least Php28.00.
Buy at present levels or closer to Php30.00
Initial target at Php34.00
Cutloss at Php29.00
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