Industrial player Phoenix Petroleum Philippines (stock symbol: PNX) has been unable to move much on either side for several months now as the 5.00 level continues to exert strong magnetism.
An incomplete ascending trendline has formed after price eased from the mid-5.00s. The Money Flow Index (MFI) has stayed above the 50 level despite the recent price decline.
The 3-year low was set on December 18 at 4.33. Keep an eye on 5.00, the line in the sand.
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