PHEN Technical Analysis: How Likely Is It to Break Above ₱3.00?

PHINMA Energy Corporation (PSE:PHEN) closed at P2.77 per share, up by 8.20 percent, as of closing on October 16, 2019, Wednesday. The total turnover value reached P177.9 million, which was mainly driven by the local traders.

Foreign investors registered a measly Net Foreign Selling worth P710,530.00. They remain net sellers year-to-date, but it’s a measly amount, too.

Support is near 2.10 while resistance sits at 3.00. If it breaks above 3.00, the psychological resistance will be at 3.60.

My 10SMACD is bullish. The DMI and ADX chart confirms the strong upward momentum.

On the other hand, know that PHEN’s risk level is already high due to its historical volatility score of 92 percent.

Trade-Volume Distribution

Last Price: 2.77
VWAP: 2.718191332
Most Traded: 2.77 – 2.68
Most Voluminous: 2.77 – 2.78

All of the 4 elements of my Momentum Power Indicator are positive that’s why my Momentum Power Indicator is bullish. This shows that the ascent of the price is more than likely to continue.

I see a confirmed buy signal due to the bullish state of my 10SMACD and Momentum Power Indicator.

True Market Sentiment

True Market Sentiment on PHEN as of Oct-16-2019 at 03:30PM, with a last price of 2.7700.
True Market Sentiment: NEUTRAL
6 of the top 10 brokers registered a positive Net Amount
5 of the top 10 brokers registered a higher Buying Average than Selling Average
Top 10 Players’ Buying Average: 2.7229
Top 10 Players’ Selling Average: 2.7121
Bonus Info:
8 out of 82 participants or 9.76% of all participants registered a 100% BUYING activity
25 out of 82 participants or 30.49% of all participants registered a 100% SELLING activity

This neutral True Market Sentiment is a friendly-reminder for those who are yet to enter a new position on PHEN. The bulls and the bears eavesdropped with each other’s move today. Be careful with your percentage of risk.

Recommendations

If you have PHEN and you’d like to top up, you may do so since my confirmed buy signal is already present. However, top up within the dominant range (2.68 to 2.77) only and not at any random price. If PHEN will show a red candlestick tomorrow, I strongly suggest that you ask for PHEN’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum (if you’re a subscriber of Equilyst Analytics) so we can tell you the most logical thing to do. Don’t forget to do an upward adjustment on your trailing stop every time the prevailing price registers a higher one. You can use my Trailing Stop Calculator.

If you’re planning to do a test-buy on PHEN on Thursday, I suggest that you calculate your reward-to-risk ratio first. You can use my Reward-to-Risk Ratio Calculator. If you’re satisfied with your reward-to-risk ratio, position within the dominant range and not at any random price.

If PHEN starts at a price lower or higher than the dominant range I’ve mentioned, it’s best to ask for our latest TVD and TMS charts in our Private Clients Forum (for subscribers only).

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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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