15Jan PX - Philex Mining Corporation

Have patience to PX as price is moving inside the Triangle for 3 weeks now. Triangles usually takes a 1 to 3 months to form. So observe carefully price action and volume this week or next week.

PX needs to breakout from the descending resistance line of the triangle at the same time RSI needs to break out from its previous high to confirm that breakout is valid and momentum upward is strong. We would be keeping a close eye on the support level line. If the stock shows signs of strength by bouncing off of its support line. This is a bullish sign of strong support and that buyers are fighting back. But a breakdown from that support line with RSI confirming the breakdown, there is a possibility that it will retest the previous low at 18.50 or at 18.68 which is the target price of the Descending Triangle. Descending Triangles has a descending resistance and flat support line and is considered a bearish pattern. This pattern indicates that sellers are more aggressive than buyers.

Bullish: If price will bounce at the horizontal support line (20.55) and breakout from the descending resistances
Bearish: If price breaks down from the horizontal support line (20.55). Might retest previous low or the descending support line at 18.50 or at 18.68.

This is my personal technical analysis on this stock. It is not my intention to give a buy or sell advise. Trade at your own risk.