Shares in Semirara Mining Corp, which are up about 14.6 percent in a month, show signs of peaking.
The Philippine miner's stock failed to reach the upper Bollinger band at Tuesday's high.
At Monday's close, the stock formed a spinning top candlestick pattern, suggesting a potential reversal.
The Stochastics % K line has cut the % D line downwards in the overbought zone, which is a negative sign.
Psychology, a technical indicator, was at 83 on Monday. When Psychology reaches a value greater than 75, an upward trend will often change direction.
The stock closed 1 percent lower on Tuesday while the benchmark index ended down 0.5 percent.
For a techincal chart: link.reuters.com/mat27s
A psychology analysis charts the percentage of times in the period when the value was up (greater than its previous value). When the psychology value is below 25 percent, a rebound is likely. When above 75 percent, a reactionary fall is likely.
Spinning Top is a candlestick formation where the real body is small despite a wide range of price movement throughout the day. It suggests indecision on future direction of a stock. (Reporting by Patturaja Murugaboopathy; editing by Sunil Nair)