PHILEX PETROLEUM CORPORATION (PXP) closed July 24, 2014 at PHP7.91 per share, which is PHP0.09 or 1.13% lower than the closing price on July 23, 2014.
RSI: 55.91- good
P/E: data is not available
Volume: The trading volume has been on a downward trend for the past 4 trading days.
Current Share Price: PHP7.91
As the trading volume keeps increasing for the past 4 trading days, the number of sellers keeps getting higher than buyers as well, causing PXP’s share price to weaken inch by inch. Shareholders didn’t wait for MACD to send a SELL signal.
Action Plans You May Consider
A trader sought my opinion about PXP. Let’s call him Mr. RA. He asked:
sir gud am. Can i know about your opinion in buying PXP? I’ve read the news that it will drill reed bank which has huge oil deposit in 2016.
Mr. RA, what you read is true. However, the proposed joint oil exploration venture of Philex to CNOOC is not yet a signed deal. Plus, we know there’s tension in that area.
PXP’s trading volume has been on a straight 4-day downward trend and it’s share price has been on a downward trend for the past 2 trading days, too. This means that PXP shareholders have already started a profit-taking activity. If you want to buy new or additional shares, you may want to HOLD and wait until the share price touches the support zone.
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