Figure 1: PSE Price Chart
For the early part of the week, I am expecting some market continuation going up as indicated by my indicator not yet at the overbought area and is associated with a very strong momentum upward. But even so I will be more cautious now with the market as profit taking will soon trigger the market to correct this sudden upward move in prices. Its better to protect our profits on those stocks which are already toppish. Our PSE index is already very near my adjusted extreme target level of 3742. Major psychological resistance is located around 3800.
boss EPG, what do you think of PIP? Will it just consolidate 2.60-3.00 level or eventually breakout of 3 pesos level?
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It is forming a Bearish Bat. It was able to finally hit its short term extreme target of 3.04. My indicator is telling me that PIP is also at the overbought area. I'm expecting it to further correct. Possible support is around 2.76. This is base from what I see on my chart. I may be wrong in here.
ReplyDeleteActually it is forming a good sideways range. You can play it by buying around support (2.60) and selling around (3.0) repeatedly.
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