FREE Technicals Talk: PXP (27 Sep 2017) by Regina Capital Development Corp.

The “Technicals Talk” section summarizes our partner brokers’ technical analysis of select PSE stocks. Technical Analysis relies on trends and price movements and is typically used in short-term trading. Learn how you can use this report in this PinoyInvestor guide.

 

Our Partner Broker’s Analysis and Opinion
Stock Code Company Broker Opinion Issued on Support Resistance
PXP Philex Petroleum Corporation Regina Capital Development Corporation 27 Sep 2017 7.46 / 6.21 10.00

 

Profit-taking already caught up with PXP, following a steep but short-lived rally that topped at 9.95 recently. And now the sell down is coming in hard – and fast – dropping 22.40% in yesterday’s session alone.

As with all quick-setting steep ascent, PXP failed to established incremental support levels along the way, resulting to a long drop upon reversal. PXP established a weak support at closing 7.46, and is now looking at 6.21 if current support is still breached from breakdown. Based on historical price movement, the next reliable and resilient support is really pegged around 5.05.

Fortunately, indicators have yet to reverse completely. MACD is still above signal line despite reduced histogram. RSI dropped from an overbought region towards buy region, while ADX reduced buying pressure on still high momentum.

 

Our Partner Broker’s Recommendation

 Still, Sell, until a reliable support is established.

 

Check out other brand-new Technical Analysis reports: Technicals Talk stock reports

This report is prepared by PinoyInvestor’s partner broker below. Sign up to this stock broker to avail of their complete trading brokerage services:

Regina Capital Development Corporation
Regina Capital Development Corporation

Regina Capital Development Corporation is one of PinoyInvestor’s partners in delivering superior and reliable stock research reports that help Filipino investors make smart stock investing decisions! Learn more about them here.