Figure 1: PSE Index Chart
Is this for real? I think its possible that the resistance of our PSE Index was finally broken today. To add to that it still has some room also to continue moving upward as indicated by the oscillator reading that is not at the overbought area yet.
Figure 2: RSI and MACD
Further looking at the RSI indicator, if the RSI resistance is broken by tomorrow then it can confirm that the resistance of our PSE index was indeed broken. Looking at the MACD, the histogram is sloping upward and a MACD (buy) signal line crossover was also triggered. This is a very good sign for us.
To add to that the RSI is above 50, MACD is also above 0, and the PSE index value is also above the 50 moving average line (blue line). Overall this is a clear sign of a bullish market.
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