• Bounce Play on PXP?

    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

    ____

    To know more about the Trading Edge Equity Advisor,  [zenith_button text=”Click Here” url=”http://tradingedgeconsultancy.com/services/subscription/” target=”_self” size=”btn-medium” style=”rounded” color=”#1b9772″]

    Subscribe now to receive email alerts before the price moves!

     

    Share on FacebookTweet about this on TwitterShare on Google+Share on LinkedInShare on TumblrPin on PinterestShare on StumbleUponShare on RedditDigg thisBuffer this pageFlattr the authorEmail this to someone