PX - the reason why i sold

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PX = 7.4 (5.7%)

If you were able to glimpse this blog last friday, I posted that I sold all of my PX at 7.2. I did.

The reason: It reached the target price and trying to be a disciplined trader I sold all. It also was a factor that during the 1st 30 minutes of trading that demand thinned out and I was scared (fear) that i might not be able to sell at the target price of 7.2.

So I sold during the morning attack. Do I regret selling? No. No one goes bankrupt by taking profit :) (as one of my master's in technical analysis always points out).

I love charting :)

Hence my take on PX :)

From the chart you can clearly draw a supply line that was broken by a significant movement of the price --> a gap up with big volume. Which pushed the price where it is today.

It is also nice to note that the relatively faster 32MA has crossed above the 65MA to validate the bullish trend.

Last trading day PX formed a gap up again and its usual long white candle with shaven tops and bottoms and big volume = bullish.

If you were brave enough to have taken a position at PX at its close last trading day you may be set for profit this coming week. We can look for support at the gap up that was recently made. Hence a 0.3 (-4%) risk. Healthy risk since 6% downside is the dictum in cutting losses.

Is the top of PX approaching? No one can really tell... (well maybe our master in advanced technical analysis might know by using his skill in Elliot Wave and other technical skills he has gained through years of studies and experience)

Just maintain your stops or adjust them accordingly.

note: PX rise has been attributed to the recent soar of gold prices (fundamentally speaking of course)

Good luck to all PX traders!

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