{"id":18498,"date":"2011-01-22T02:24:51","date_gmt":"2011-01-22T07:24:51","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=18498"},"modified":"2011-01-22T02:24:51","modified_gmt":"2011-01-22T07:24:51","slug":"the-rebirth-of-phoenix-petroleum-pnx","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/01\/22\/the-rebirth-of-phoenix-petroleum-pnx\/","title":{"rendered":"The Rebirth of Phoenix Petroleum (PNX)"},"content":{"rendered":"<p><a href=\"http:\/\/static.seekingalpha.com\/uploads\/2011\/1\/22\/650046-129568099136366-lytman02_origin.png\"><img decoding=\"async\" src=\"http:\/\/static.seekingalpha.com\/uploads\/2011\/1\/22\/650046-129568099136366-lytman02.png\" alt=\"\" hspace=\"6\" vspace=\"6\" \/><\/a><br \/>Good morning everyone! Phoenix Petroleum or  PNX in the Philippine Stock Exchange busted into the scene in  yesterday&rsquo;s trading with a 7.94% gain when it rose from PHP 12.28 to  close at PHP 13.32. But what got my  attention was the huge volume that accompanied the move. Apparently,  there was a big block purchase of 10 million shares at PHP 12.80. In my  last post about this issue (kindly check it <a href=\"http:\/\/www.laidtrades.com\/2010\/12\/22\/phoenix-petroluem-to-follow-petrons-footsteps\/\">here<\/a>),  I mentioned the possibility that PNX would follow Petron Corporation&rsquo;s  (PCOR) footsteps (remember when PCOR rose by more than 250% in less than  a month). At that time, PNX showed a similar technical set-up, forming a  pennant. Unfortunately, the pennant was invalidated when it broke down  and the stock skidded to a low of PHP 10.58. It&rsquo;s a good thing that the  red moving average was able to catch it and push it back higher.  Coincidentally, the level where it pivoted back was also the 50%  Fibonacci retracement level of the stocks recent up wave.<\/p>\n<p style=\"text-align: left;\">Anyway, renewed confidence buoyed PNX. And  in yesterday&rsquo;s session, it made a valid breakout from a flag formation.  So judging by the height of pole of the flag, PNX could rise all the way  to PHP 18.00. A temporary resistance, however, could be met at its  previous high at PHP 13.80. Yesterday&rsquo;s participation, though, suggests  that the people who bought in especially the one who purchased 10  million shares at PHP 12.80 would not sell it down.<\/p>\n<p style=\"text-align: left;\">Fundamentally, the company is expecting its  2010 revenues to reach PHP 14 billion from PHP 5.8 billion in 2009 on  higher fuel sales. According to the country&rsquo;s Department of Energy  (DOE), its market share also doubled to 2.5% from 1.12% during the year.  For 2011, the company is aiming to put up around PHP 1.5 billion in  capital expenditure that will be used to improve its terminal and depot  facilities. Part of it will also be used to further widen its retail  network by adding 80 more gasoline stations all over the country. Such  expansion, of course, will not only improve the company&rsquo;s operations but  also create new streams of future cash inflows. By the way, Phoenix  will already embark in a capital raising program starting next week.  Participation among banks and other private and even public institutions  here would help the company&rsquo;s cause.<\/p>\n<p>More on <a href=\"http:\/\/www.laidtrades.com\/\">LaidTrades.com<\/a> &#8230;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Good morning everyone! Phoenix Petroleum or PNX in the Philippine Stock Exchange busted into the scene in yesterday&rsquo;s trading with a 7.94% gain when it rose from PHP 12.28 to close at PHP 13.32. But what got my attention was the huge volume that accompanied the move. Apparently, there was a big block purchase of &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2011\/01\/22\/the-rebirth-of-phoenix-petroleum-pnx\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;The Rebirth of Phoenix Petroleum (PNX)&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-18498","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18498","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=18498"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/18498\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=18498"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=18498"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=18498"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}