Saturday, 28 July 2007

PX on my Mind

Many issues in the local market broke down last Friday. It's a good thing that PX isn't one of them, at least not yet.

We see that it's consolidating inside a symmetrical triangle. Should this try and breakout this week, the resistance is set at 6.00 pesos. A trigger buy would be a 6.10, with an upside target of 7.20.

However, we need to observe how the market performs as a whole. It may have a hard time breaking out for the near term.

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