Phoenix Petroleum Breaks Out? – July 25, 2010

Hi guys! I’ve been observing Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock Exchange for the past month (kindly check here for my last post about it). Now, the ascending triangle formation in its stock chart has broken out (indicated by the red circle) as its price passed above the 7.20 peso resistance two trading sessions ago. For those who do not know, this company is involved in trading refined petroleum, lubricants and other chemical products in the southern part of the Philippines. They also have service stations which cater to commercial vehicles in certain provinces. Anyway, getting back to the breakout, the next resistance Phoenix Petroleum could encounter is 8.00 pesos. Upon further breaching above level, the next resistance could be 8.70 pesos. On the downside, the triangle’s resistance at 7.20 pesos could now act as the immediate support for this Philippine based company. In case the price further drops below the 7.20 marker, the next support could be the 18-month uptrend.

Related posts:

1. Philippine Stocks: PNX (Phoenix Petroleum Philippines, Inc.) June 18, 2010 Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock...
2. PHILIPPINE STOCKS: PNX (PHOENIX PETROLEUM PHILIPPINES INC.) 12-26-2009 Phoenix Petroleum has broken out of the major resistance line...
3. PSEi Breaks Out of the Channel – July 14, 2010 Hi guys, for those who follow the chart of the...
4. Philippine Stocks: COL (Citiseconline.com, Inc.) – June 11, 2010 CitisecOnline.com, Inc. or COL as listed in the Philippine stock...
5. PHILIPPINE STOCKS: FIRST PHILIPPINE HOLDINGS CORPORATION (FPH) – April 6, 2010 In just seven trading days, FPH (First Philippine Holdings) had...

Related posts brought to you by Yet Another Related Posts Plugin.

By: Al on July 25, 2010 at 3:33 pm