Mining shares have made fortunes for many in the Philippines. They're a tricky bunch, though.
Back in 2008, the "Bearbull" Ron Nathan noted that this is likely the going to be the sunrise industry.
Well, unfortunately, the U.S. economy had something else in mind. The world's largest consumer market slowed. Manufacturing in China followed suit and minerals were less in demand.
Between now and then, there were also a host of local problems that got in the way of mining's glory days.
Since then, though, I have not forgotten what the insightful Ron Nathan pointed out. Our vast natural resources have hardly been tapped. I think its still only a matter of time.
At the moment, mining stocks are trending down. We may be seeing some good opportunities to buy in.
PX is nearing its 52 week low of Php18.26/sh.
I have always liked this company because it requires the least speculation. By that I mean they actually export minerals as opposed to other listed mining firms that aren't even operational.
I'll be keeping an eye on PX. I'll start purchasing it when it goes below Php15.00/sh.
resistance shmesistance
Every analyst seems to have his own "resistance" and "support" levels. I don't bother making my own. After all, this is just my hobby and I like to position long. What I do is I just ride off of other people's analysis. There are many people out there who love crunching the numbers and don't mind publishing their thoughts. My favorite is still tsupitero.com. He's usually spot on. The inquirer quoted citisec saying that resistance is at 2630 and that we're looking to see consolidation this week. Tsupitero placed his resistance at 2600. The market closed today at 2599.99. How ironic.
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