Stock in Focus: Phoenix Petroleum Phils. (PNX)

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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.

Philippine Stock Exchange_PNX Daily chart, February 14, 2014

PNX Daily chart, February 14, 2014

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.

Do you have PNX in your portfolio? Share your thoughts below!

 

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