Earlier this month, Philippine environment secretary Gina Lopez ordered the closure of 21 miners for violating mining and environmental laws.
Some of them are publicly listed in PSE and the news automatically made the price of the companies tumbling down.
I remember some of them being on my watch-list somewhere around November last year. See Fickle nickle: $FNI and $NIKL blog post.
I even mentioned $MARC in my January 13 post.
The main reason I included these stocks in my watch-list is that they are showing good price action set ups during that time. All three are actually on the brink of breaking out that time.
Later though, I removed them from my watch-list after they all showed signs of a failed breakout. A failed breakout is always a red flag for me, it will either go back to a range below the breakout point or it will start to show a lower low trend. Based on my experience, rarely does it go back to test the resistance again.
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| All these charts are not shouting BUY to me. |
The mining sector was badly beaten, but there are still good stocks in that sector. I particularly like $PX's price action.
I haven't posted here that much since I've done literally nothing, they are right when they said that stock investing is boring. I still have $STI and some $DNL in my portfolio.
I also started trading the Stock Exchange of Thailand. It's a whole new and different market, in a way that it's more liquid and volatile.
This blog will focus on my PSE trading though, so I wont be posting my Thailand stock market trades here.
Cheers
Alex
