PHINMA Energy Corporation (PHEN) is trading at 2.70 per share as of 11:03AM of July 24, 2019, down by 1.46 percent. Notwithstanding today’s performance, PHEN is up by 5.06 percent WTD; up by 5.88 percent MTD, and up by 134.78 percent YTD.
PHEN’s support is near 2.20 while the resistance is near 2.80. Should PHEN break above 2.80, the next resistance would be near 3.56, which is aligned to the 38.2 percent extension of the Up Fibonacci.
The three simple moving averages of PHEN are still aligned in a perfect bullish position. My 10SMACD combo is still valid. The Fantastic Four signals are not all present as of the time of writing this post.
RSI is still relatively distant from the classical overbought level. Therefore, I won’t attribute the intraday bearishness to the position of RSI. This stock’s risk level remains low due to its historical volatility score of 49 percent. The upward moment remains very strong.
Foreign investors have registered a Net Foreign Buying worth P4.6 million as of the time of writing this post. I am not going to factor in foreign investors’ stance on PHEN since their Net Foreign transactions are relatively insignificant in size.
Last Price: 2.70
Most Traded: 2.78 – 2.81
Most Voluminous: 2.8 – 2.81
As you can see on my Trade-Volume Distribution chart, traders are still eavesdropping on each other’s move. There’s a struggle in breaking above the resistance at 2.80. The dominant range is between 2.70 and 2.80.
True Market Sentiment
True Market Sentiment of PHEN as of Jul-24-2019 at 11:02AM, with a last price of 02.700.
3 of the top 10 brokers registered a positive Net Amount
4 of the top 10 brokers have a higher Buying Average than Selling Average
True Market Sentiment: BEARISH
Top 10 Players’ Buying Average: 2.7484
Top 10 Players’ Selling Average: 2.7576
12 out of 57 participants or 21.05% of all participants registered a 100% BUYING activity
11 out of 57 participants or 19.30% of all participants registered a 100% SELLING activity
The bearish True Market Sentiment confirms the lack of appetite of most of the top 10 brokers to buy at a price higher than 2.80 by a significant level. It’s as though they’re telling other members of the top 10 list, “You buy higher first. Then, I’ll follow through.”
If you have had PHEN either since the first week of May or the second or third week of July and if the current price is still moving above your trailing stop loss, I suggest that you lock in some of your profits by selling a few tranches. Please do this if, and only if, the size of your total holdings on PHEN is over P20,000.00. Otherwise, dividing it into tranches isn’t worth the taxes and fees.
It’s also up to you if you just want to hold your position. Just make sure that you do not top up because our Fantastic Four signals are not present yet.
If and when PHEN starts moving at a price that is higher or lower than the dominant range, immediately post a request for this stock’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum so we can update you of our latest sentiment.
You don’t have PHEN but are planning to enter a new position? Postpone that plan. The validation of my 10SMACD combo isn’t enough in this case. I prefer to see the presence of my Fantastic Four signals, as well, before I entertain the idea of doing a test-buy.
Didn’t you see the lack of appetite of the majority of the top 10 brokers in terms of buying the stock at a higher price? Why would we enter a new position if the deep-pocketed ones are anemic in doing so? Does my data-driven logic make sense to you?
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