Trader's Logbook

PXP – PHILEX PETROLEUM CORPORATION

Has been bullish today and finally broken from ascending triangle. Now that it is in unprecedented level, its price can shoot up to anywhere.

Technically speaking, PXP can still go up around 60-65 pesos but this is not going to be a straight line. The once resistance at around 43 is now our support. Before going up to 60 level, there might be a return to this support level before the move begins in earnest.