Philex Mining (stock symbol: PX) had a change of heart and reversed course since my last post. The 9.98 top for this year, set on January 24, was followed by a steady decline towards the ascending trendline which lies just above the 8.00 level.
This week, PX tried to rally through 9.00 but momentum fizzled easily. The 4.32 percent decline to 8.63 on Friday wiped out gains for the entire week.
The Moving Average Convergence Divergence (MACD) lagged price action as the former still shows a bullish formation, although the MACD histogram has eased on Friday.
Because of the current price action, the triple (or quadruple) bottom seen at the 8.00 psychological level is still at play. My previous post and warning on the first post are still applicable in the coming weeks. Watch and 8.00-9.00 carefully.