Three weeks ago, we saw Philex Mining (stock symbol: PX) at a crossroad right at the start of the new year. It turned out price opted to respect the triple (or quadruple) bottom seen at the 8.00 psychological level. The rally from this area has so far reached 9.98 and the stock closed the week at 9.80.
With the recent rally, the Money Flow Index (MFI) has stayed overbought, now at 90.28. We shall see if it will return below the 80 level in the next few days.
Those with PX can get comfortable if the 9.00 holds as support in the next 4 weeks. If price continues to advance, I would like to see price consolidate around the 11.00-12.00 area before another leg higher.