Technical Analysis
PXP Energy Corporation (PXP) is currently trading at 10.28 per share as of August 1, 2019, 11:03AM GMT+8. It is up by 1.38 percent. PXP is up by 22.53 percent WTD, up by 34.20 percent MTD, but down by 32.37 percent YTD.
Foreign investors do not have a significant activity happening on PXP as they only registered a measly Net Foreign Buying worth P1.9 million as of the time of writing this report. Local investors are the market-movers of PXP today.
Yesterday, PXP broke its previous resistance at 10.05, which now acts as its immediate support. The immediate resistance is near 12 as a precursor to 13.60.
RSI is slowly inching up to its classical overbought level. But hitting the classical overbought level does not mean a sell signal.
As far as my selling strategy is concerned, I only sell if and when my trailing stop loss is hit.
I do not use a predefined Target Selling Price.
I do not care about fundamentalists’ Fair Value of the stock.
I do not care about the Buy Below Price of those who use any cost averaging technique.
Nonetheless, be mindful that the risk level of PXP is already on the high level with its historical volatility score of 94 percent.
The DMI and ADX shows that the while the bulls are in control, PXP is yet to earn the “very strong upward momentum” label. We have to see the share price move above 11 for the ADX to reach the 25-point mark, which will cause PXP to have a very strong upward momentum category.
Trade-Volume Distribution
Last Price: 10.26
VWAP: 10.26588321
Most Traded: 10.5 – 10.4
Most Voluminous: 10.28 – 10.4
The dominant range is closer to the intraday high than the intraday low. This completes the bullishness of the 4-point criteria of my proprietary Momentum Power Indicator. Therefore, my Momentum Power Indicator is bullish. This means that the ascent in price is more likely to continue.
True Market Sentiment
True Market Sentiment of PXP as of Aug-01-2019 at 11:17AM, with a last price of 10.2600.
5 of the top 10 brokers registered a positive Net Amount
5 of the top 10 brokers registered a higher Buying Average than Selling Average
True Market Sentiment: NEUTRAL
Top 10 Players’ Buying Average: 10.2586
Top 10 Players’ Selling Average: 10.3073
Bonus Info:
13 out of 63 participants or 20.63% of all participants registered a 100% BUYING activity
19 out of 63 participants or 30.16% of all participants registered a 100% SELLING activity
This neutral sentiment of my proprietary True Market Sentiment indicator shows that the top 10 brokers remain in an eavesdropping mode.
What does that mean?
Since PXP has just broken the immediate resistance yesterday and RSI is approaching the classical overbought level, I can sense the lack of confidence to buy the stock at a price much higher than 10.30. This is because traders know that other traders have the tendency to translate what I said in the first sentence of this paragraph as a sell signal.
Recommendations
Did you catch PXP when my 10SMACD combo was re-validated and my Momentum Power Indicator became bullish last July 8, 2019? By now, I do hope you’ve started to appreciate the effectiveness of the 6 lessons I taught you during our The Evergreen Strategy in Trading the Philippine Stock Market seminar.
You can top up within the dominant range if you’re planning to add more shares. But make sure that you post a request for PXP’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum if and when it starts to trade at a price higher or lower than the dominant range I showed above.
By the way, only the subscribers of Equilyst Analytics can access our Private Clients Forum.
How about those who don’t have PXP yet? Are there data-driven signals for you to enter a new position?
Yes, there are. But you must calculate your reward-to-risk ratio first. If you’re satisfied with your reward-to-risk ratio, do a test-buy within the dominant range.
If you also attended our The Evergreen Strategy in Trading the Philippine Stock Market seminar, please refer to the updated handouts to brush up on how to calculate your reward-to-risk ratio and WHY you should do so.
Also, please make sure that you post a request for PXP’s latest Trade-Volume Distribution and True Market Sentiment charts in our Private Clients Forum if and when it starts to trade at a price higher or lower than the dominant range I showed above.
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