Phoenix Petroleum Philippines

Phoenix Petroleum to Follow Petron’s Footsteps?

The last two months has been very good for the oil stocks of the Philippine Stock Exchange, particularly Phoenix Petroleum and Petron Corporation. Petron has exploded from a low of about 6.80 in November 2010 to a high of 17.40 in today’s trading, forming a pennant pattern on its way. Anyway, that’s a gain of more than 250% in less than two months! Wow. Similarly, Phoenix has risen from 7.00 to a high of 13.80 during the same time frame. After reaching the said high, PNX, however, has consolidated into pennant or a symmetrical triangle pattern. The question now is, will PNX break out the same way that PCOR did? [Read more...]

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Phoenix Petroleum Technical Analysis Update

Hello everyone! Another week of trading lies ahead. What I have here is my technical analysis update on Phoenix Petroleum or PNX in the Philippine Stock Exchange. As you can see last August 26, when I posted about this, the stocks have just bounced off the 8-peso resistance after breaking out from the triangle formation (kindly check here). More than a month after, not only has the 8-peso marker been breached but the stocks have also moved passed above the 8.70-peso resistance. By the way, I had a post on this right when it broke out from the triangle formation last July 25 (you may see it here). So for the awesome readers who were convinced by my analysis and considered buying PNX stocks at that point, you’ve already gained more than 20% and that’s definitely not bad at all! Anyway, here are my technical updates on the Phoenix Petroleum stock chart: The stocks could further push upward and continue to run with the bulls, however, there could be some selling pressure at the 10-peso psychological level which for me is also a good resistance area. If it successfully breaches above that level, the next resistance could be 11 pesos. On the downside, the former 8.70 resistance could now act as the current support. If the stocks further drop below that price mark, the next support could be 8 pesos.

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Updates on the Phoenix Petroleum Stocks – August 26, 2010

Hi stock traders! Here’s a follow up on my Phoenix Petroleum (PNX) technical analysis which I posted a month ago right when its stocks broke above the ascending triangle formation’s resistance. As you can see now on the PNX stock chart, the stocks continued to ascend upon the breakout tapping the minimum target price of 8.00 pesos which also is the immediate resistance as I mentioned before (kindly check here). Lucky for those who bought the stocks right at the breakout point as they could have already yielded around 10% in a month time if they sold at 8.00 pesos. Well, I bet the others are saying right now they could earn that in just a day trading other stocks lol.

As the Phoenix Petroleum stocks continue to move within the 8.00 peso resistance and the 19-month uptrend, they are going to lose their breathing space as those levels are about to intersect in a few months. Thus, the stocks could just either move past above that 8.00 peso marker or dive below the the 19-month uptrend. In case it breaks above the 8.00 peso resistance, the next one could be 8.70 pesos. On the other hand, if the stocks drop below the 19-month uptrend, the next area of support is 6.80-7.00 pesos. If the stocks continue to decline and clear out the 6.80-7.00 peso level, the next support could be 6.50 pesos.

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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.

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Philippine Stocks: PNX (Phoenix Petroleum Philippines, Inc.) June 18, 2010

Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock Exchange 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 those provinces. Anyway, the shares of Phoenix have been moving sideways since at the start of 2010. Notice that during the course of this time, it has been setting up an ascending triangle formation. We could also see a diminishing volume from where the possible triangle has started to form. Since PNX is coming off an uptrend, breaking out to the upside has a higher possibility than breaking down from the said formation. If it breaks above the triangle’s resistance line, Php 8.00 should be an easy target to reach. On the flip side, if it retreats, it could slide back towards the triangle’s support. And if that support doesn’t hold, the Php 5.80 mark probably would at least in the short term.

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PHILIPPINE STOCKS: PNX (PHOENIX PETROLEUM PHILIPPINES INC.) 12-26-2009

Phoenix Petroleum (PNX) has broken out of the major resistance line (green dotted line), indicated by the red circle, as seen in its stock chart. A sudden increase in its stock value will be highly anticipated. Merry Christmas!