Manny Pangilinan-chaired Philex Mining Corporation or PX in the Philippine Stock Exchange had made a nose dive after hitting alightly past Php 28.00. The question now is, will PX be able to reverse its recent demise?
Basaed on its weekly chart, PX could find some life soon. As you can see, its former high at around Php 20.00 has halted its decline. Its long term support has likewise carried it afloat. Moreover, the presence of a bullish hammer candlestick plus an inside bar which happens to be a doji as well suggests that its luck could pick up in the near term. Given these posotive technical indicators, there’s a good chance that we could indeed see a rally in this stock.