PXP Technical Analysis: Buy Now or Wait for a Breakout Above ₱8.90?

PXP Energy Corporation Technical Analysis

PXP Energy Corporation has been dancing above its 10-day simple moving average for six consecutive days despite the absence of significant buying support from foreign investors.

PXP’s immediate support is near ₱6.15, while its immediate resistance is near ₱8.90.

Do I see a confirmed buy signal on PXP based on today’s data? First, let’s check the status of the six parameters I check through my Evergreen Strategy 2.0.

Parameter 1: Is its last price moving above its 10-day simple moving average (SMA)?
Answer: Yes

Parameter 2: Is its moving average convergence divergence (MACD) moving above its signal line?
Answer: Yes

Parameter 3: Is its last price higher than its volume-weighted average price?
Answer: Yes

Parameter 4: Is its last volume bar higher than 50 percent of its 10-day volume average?
Answer: No

Parameter 5: Is its Dominant Range Index bullish?
Answer: Yes

Dominant Range Index: BULLISH
Last Price: ₱8.29
VWAP: ₱8.2823
Dominant Range: ₱8.29 – ₱8.31

Parameter 6: Is its Market Sentiment Index bullish?
Answer: Yes

Market Sentiment Index: BULLISH
12 of the 39 participating brokers, or 30.77% of all participants, registered a positive Net Amount
12 of the 39 participating brokers, or 30.77% of all participants, registered a higher Buying Average than Selling Average
39 Participating Brokers’ Buying Average: ₱8.27838
39 Participating Brokers’ Selling Average: ₱8.29282
7 out of 39 participants, or 17.95% of all participants, registered a 100% BUYING activity
19 out of 39 participants, or 48.72% of all participants, registered a 100% SELLING activity

Synthesis

So, does PXP have a confirmed buy signal?

Unfortunately, we only got five yeses out of six questions. This result means profit-taking is likely to happen once it draws closer to the resistance at ₱8.90. At least, that’s how I see according to today’s data. Sentiments change when data change.

Even if we get a confirmed buy signal today, the reward-to-risk ratio doesn’t look attractive anymore. The last price is closer to the immediate resistance than the immediate support already.

Anyway, what are your options if you already have PXP in your portfolio? Assuming your trailing stop is still intact, you have the logical option to hold your position since both Dominant Range Index and Market Sentiment are bullish. However, save your buying power for later once there’s a confirmed buy signal. In short, do not top-up yet.

On the other hand, is it wise to add PXP to your watchlist if you still have an available slot? I don’t know about you, but I prefer monitoring stocks with at least ₱20 million daily total turnover value so it’ll be worth my time and money.

If you’re one of our subscribers at Equilyst Analytics, I am hoping that you’ve already studied and mastered the course manual of the Evergreen Strategy in Trading and Investing in the Philippine Stock Market 2.0 by now. You may ask for PXP’s Dominant Range Index and Market Sentiment Index in our online discussion group on our website so you can complete your analysis, like how I do it, on your own.

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Jaycee De Guzman

Founder and CEO at Equilyst Analytics

Experience the expertise of Jaycee De Guzman, the brain of Equilyst Analytics, renowned for his unique data analysis. He is a computer scientist and a self-taught digital marketing strategist and agriculturist. Since Equilyst Analytics’ founding in 2012, over 10,000 local and foreign clients have consulted with Jaycee de Guzman on crypto and stock investments.

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