The 9.00 price level in Philex Mining (stock symbol: PX) continues to play a pivotal role a few months after it had been broken.
Looking back, we now see that despite popping higher and closing in on the 10.00 psychological level, sellers flexed their muscles and pressed price back lower, keeping Philex in a tight leash below the 9.00 level.
Which way would it go from this point? There’s nothing conclusive yet, but based on overall price action, buyers have the upper hand as this stock shows a squeezing pattern (indicated by price trading in a narrow range within the black and gray lines on the chart).
Buyers need another pop toward 10.00, and this time they must succeed and break it. Otherwise, PX could risk a break of the ascending trendline and reach 8.00.
The Moving Average Convergence Divergence (MACD) is mildly bullish despite the lackluster price action.