PHINMA Energy (#PHEN) Soars By 143% in 6 Months
PHINMA Energy Corporation (#PHEN) has been on a tear since the start of the year, rising from Php1.15 to Php2.80 or 143% inside 6 months on a value turnover of approximately Php100 million a day. Last News on PHEN was that Ayala Corporation took a controlling stake of the company, 51.48% to be exact for Php3.42 billion. Recently, AC has likewise held a tender offer for the remaining PHEN shares for Php1.45 a piece. Word on the street, though, is that AC is going to use PHEN as a backdoor for AC Energy and this has led it to soar all the way to its all-time resistance of Php2.84 to Php2.95.
Obviously, one is a little late to the party already as it is already at its historical highs. In fact, as a full disclosure, the author has recent sold his full position on PHEN amounting to 8 million shares between Php2.80 to Php2.85. Still, PHEN may eventually break past its Php2.95 high and establish another up wave. In the near term, though, I have expected some degree of profit taking given its sharp ascent in a compressed amount of time and the fact that it has traded right at the proximity of its major resistance at its all-time high. What I want to see is for PHEN to consolidate and tighten under its highs for a week or so. Such is actually constructive as it indicates that the market is absorbing all the selling actions on the stock. I would then be a buyer again following a break off the said consolidation. I would then place an initial stop below Php2.50, trail it with either a 21-day or a 50-day moving average, and set an initial target at around Php3.50 to Php3.60. Again, I would wait for the said consolidation to play itself out before going back in again. Caveat.
PHEN write-up from the Trading Edge Equity Advisor:
January 7, 2019
PHINMA Energy Corporation (PHEN) may likely add onto its recent rally. You see, after breaking out from a short run inverse head and shoulders, the stock has broken out yet again from a newly formed bullish flag pattern. Now given its recent move above Php1.20 on good supportive volume, the stock may then reach for at least Php1.40. Note, though, that a stop loss trigger must be placed below Php1.20.
PHEN write-up from the Trading Edge Equity Advisor:
March 24, 2019
PHINMA Energy Corporation (PHEN) may likely add onto its recent rise in the coming days. This is so as the stock has just broken past the resistance on an interim consolidation or base when it surpassed the Php1.36 mark. Given its rise over the said level on heavy volume, the stock may then reach for its prior high of Php1.50. Note that a move towards Php1.50 may possibly set the stock up for an even bigger bullish reversal. Still, it is always best to place a stop loss. In this case, a stop should be placed under Php1.30.
PHEN write-up from the Trading Edge Equity Advisor:
April 3, 2019
We are reiterating our technical buy rating on PHINMA Energy Corporation (PHEN). In our Equity Advisor issue last March 24, we noted that PHEN would reach for at least Php1.50 and such move would set it up for an even bigger swing. As you can see from its chart, the stock has indeed reached the mentioned initial target and more. Moving forward, a breakout above its prior high of Php1.50 actually translates to a breakout from a wider cup and handle formation. Its rise over the said pivot handle on heavy volume may then deliver it to its next ceiling at Php1.80 to Php1.88.
PHEN write-up from the Trading Edge Equity Advisor:
May 26, 2019
We are reiterating our technical buy rating on PHINMA Energy Corporation (PHEN). As you can see from its chart, the stock has just broken out from a bullish flag pattern on heavy volume. Given its rise over the flag’s resistance at Php2.16 to Php2.20, the stock may then head towards its next minor hurdle at Php2.46.
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