Bullish Pennant Seen On Philex Mining Corporation (PX)

philex mining corporation, PX philippine stocks, bullish pennant, gold, ron acoba, daily stock picks, stock market tradingLocal mining stocks like Lepanto Consolidated Mining Company (LC and LCB) and Philex Mining Corporation (PX) have made a pretty good run-up during the past week or so. Still, it looks like there’s going to be a follow through at least for Philex in the near term.

Philex Mining Corporation has risen from just below PHP 16.00 to PHP 18.00 in about a week last. Looking at its daily chart, you will see that it has actually formed a bullish pennant pattern. Notice also that the volume for the past week or so has picked up significantly. This suggest that this run-up is well supported by the buyers. Anyway, a breakout from the pattern or a move above PHP 17.7 could send it to a target of PHP 20.00. A breakdown, however, could bring it back to PHP 16.50.

On the fundamental side, Philex Mining recently reported a 152% gain in its net income to PHP 1.31 billion for the first quarter of the year due to higher gold prices. With gold, silver, and copper – all PX’s produce trading at all time highs and even projected to move higher, PX’s net income for the next period could further expand.

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