PXP Energy Corporation (PSE:PXP) is currently trading at 8.68 per share as of the time of writing this analysis. It’s already trading below its VWAP of 8.35. This confirms the dominance of the intraday downward pull not to mention the intraday volume that has already engulfed yesterday’s volume.
Despite this intraday descent in price, PXP still managed to maintain its position above the 10SMA. This stock is still relatively bullish in the short-term but bearish in the medium- to long-term.
Support currently sits near 6.75 while the resistance is pegged near 10. The mid-term support near 12 is a precursor to next resistance at 14. If PXP continues to go down and break below 6.75, there is a 5.00 that waits at the bottom.
I will find PXP interesting to trade once it breaks above 10.00 with a bullish volume.
Yesterday, foreign investors registered a Net Foreign Buying worth P10 million. As of the time of writing this, it’s still an NFB but only worth more or less P4 million. On a larger scale, foreign investors are bearish on PXP for 2019 YTD.
Price-Volume Distribution Analysis
Most Traded Prices: 9.65, 9.6, 9.7, 9.5, 9.55
Most Voluminous Prices: 9.7, 9.6, 9.65, 9.5, 8.7
On the price-volume distribution chart, it appears that the most traded and most voluminous range is parked closer to the intraday high than the intraday low. A few minutes since I generated my PVD chart, the current price of PXP already dove at 8.57, which is closer to its intraday low than to its intraday high. This shows a reversal of intraday sentiment from being bullish in the first half of trading to being bearish in the second half.
Those who went in on PXP in the P6sh or P7sh level could be the ones who decided to lock-in some profits in the P9sh territory. That was a good move.
My overall sentiment is bearish on PXP.
If you entered PXP in the P6sh or P7sh level, lock-in some profits between P9 to P10 or wherever your trailing stop loss is.
If you don’t know what a trailing stop loss is and how it is computed, you can watch this video below.
If you don’t have PXP, don’t enter just yet. Wait for the dust to settle down. PXP may try to find a base near 7.60. But if no positive catalysts will become available once the price draws closer to 7.60, the downward pressure might continue all the way to 6.75.
Again, these are only data-driven probabilities. Make sure that you re-analyze or re-evaluate PXP to catch potential signs of a reversal of sentiment.
Please let me know in the comments below which part of my analysis did you find helpful the most. Thank you.
Do You Need My Personal Assistance?
Do you want me to do this analysis and give you recommended options for each of your stocks? Would you like to ask me directly as trading happens? If your answer is yes, subscribe to Equilyst Analytics. You will get access to my investment guide for long-term investors, trade setups for short-term traders (daily videos), and direct access to my consultation service through our online Private Clients Forum.
Moreover, I conduct workshops on my personal and proprietary strategy in stock trading and investing. It is my deliberate intention to limit the seats to 30 per batch so I can answer all of the questions of the attendees in the 4-hour workshop. Check out my schedule of seminars near your area and buy your ticket immediately to reserve your seat. Reservation is on a “first come, first served” basis.
Please let me know in the comments if this analysis helps. Thank you.