Afer successfully clearing the immediate 16.30 resistance to close at an impressive 16.48, PX looks strong to try and retest the next immediate resistance at 17.00, which could possible lead to, the mighty 20 pesos resistance level.
With the needed volume confirmation is present earlier today, and the MACD level is trudging along very well, the prospects for PX reaching 20 at least looks good, especially once price action allows it to break past the immediate 17.00 level.
Those late to the party might want to try and get in as near as possible to the 16.30 level, or wait for the break of the 17.00 level. Inversely, stops could be placed just below 16.00, in order to cur any losses, or lock in any profits already made.
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