Is Philex Mining Corp. (stock symbol: PX) bottoming out or is it ready to break out to the downside? That is the one million dollar question as the stock carved out a potential triple (or quadruple) bottom right smack at the 8.00 psychological level.
The new year started with an upside gap but price eventually traded on a narrow range and closed down for the day. PX is now trading at its 4-year low; watch 8.00 carefully.
The Stochastic indicator is showing a possible reversal and upside cross from the 20 area. If price decides to break out to the downside, this indicator could remain in the same area for some time, so always follow price instead.
TP’s advice: Stay on the sidelines.
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