Back in my last post on Paxys Inc. or PAX as listed in the Philippine Stock Exchange, it had just broken down from the symmetrical triangle formation when the price broke below the 2.16 level (yellow circle). Now, it looks to be nearing my target price of 1.82 as it had dropped to 1.86 yesterday. In case 1.82 won’t be reached, at the current price of 1.88 yields a 12% gain already if you were able to short sell at 2.14… not bad at all.
It looks like Paxys stocks is still facing the south as the price moves below the downtrend’s resistance line (indicated by the blue line). However, the current support line (greed dotted line) looks to be tough enough to holding on to 1.82 but if it does not, the price can fall to 1.43 which is the next support line (yellow dotted line). On the other hand, if the price breaks above the downtrend’s resistance line, it can head to the 2.3-2.4 area which is where I see the next significant resistance (violet dotted line) is at.