May 292016
 

Over the week I posted a chart of Philex Mining. Here, let’s see what the index is doing.

mining-2016-0529

It seems that has started to bottom out. However, the bottoming process doesn’t seem convincing enough because of the lack of a higher high. The higher low is there but the higher high will give us the evidence that the bears are laying it back. 12000 is a level being tough to break but with the bulls having hit this role reversal resistance 2-3 times already is making it weak.

For now, position and swing should still be taking a back seat and wait for further developments but the assuming investors may be interested in accumulation.

Hanson

Hanson is a Certified Securities Representative in the Philippine equities market. All posts herein are personal views and are not endorsed by any organization whatsoever. It is important that you practice due diligence in your trade plans. This website and its authors will not be held responsible nor liable to any of the reader's losses.

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