Phoenix Cos Blasts Through 50EMA
PNX has traded very weak throughout the first 2 months of 2010, but today it blasted through the 50EMA. This is a very bullish signal of a potential reversal of the trend. If PNX can close above the 50EMA around $2.57, the next move is likely to the 200EMA at $2.87.
Its at the 50EMA support as I write this providing an excellent entry point. Look for confirmation by holding that support and eventually surpassing the 200EMA. If it can't hold and then falls back through the 20EMA at $2.42 that would be an ideal time to exit the trade.