SECURITY IN FOCUS : PX
52 WEEK HIGH = 12.88
52 WEEK LOW = 7.80
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| PX CHART 10.28.14 |
From Mid August up to this date, PX is on a downtrend, its share price continue to slide from 12.34, down to yesterday closing price of 9.04. For 8 trading days, PX share price tried to stay above the 9 peso support line.
From the chart above, we can deduce two scenario...
If PX share price can successfully defend the 9 peso support line, then it can break off from it's more than 2 mos. downtrend and most likely consolidate between the 9 (support) and ten (resistance).
Although in an oversold position, Breaching the 9 support line will likely mean that down trend still have the momentum to continue...
Caveat !!!
Happy Trading !
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