Stock in Focus: Phoenix Petroleum Phils. (PNX)

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The stock of industrial player Phoenix Petroleum Philippines (stock symbol: PNX) has recently managed to dispel the strong magnetism exerted by the 5.00 level.

Philippine Stock Exchange, Phoenix Petroleum Phils_PNX Daily chart, May 21, 2014

PNX Daily chart, May 21, 2014

Bulls made a plan on March and executed it right from the start of April. PNX made a quick upside dash then and reached the April 23 high at 6.53, which is currently repelling a second wave of advance.

Bulls still have a lot to prove at this point. They should keep a solid footing at 5.50-6.00 (must prevent a visit to 5.00) and aim to reach and breach the gap at the 8.00 region. Major resistance lies at the 10-11 area.

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