Figure 1: PSE Index Daily Chart
Guys, lets wait and see what will happen on the next coming days. But lets all be also cautious as majority of the stocks are now showing some toppish weakness. Patterns like double tops can be seen on some of our favorite stocks such as ALI, MEG, and FLI.
Checking at our indicators: Both RSI and MACD are showing some short term weakness also. RSI is very near the overbought area and MACD is still sloping downward with its histogram also gaining momentum downward. I may not be that 100% accurate but lets not remove that fact that perhaps what we have seen today was just part of a technical rebound.
Figure 2: PSE Index Weekly Chart
On the weekly chart our market is already at the upper portion of its channel and is also at the same time at the overbought area of our indicator. This simply indicates that we will be expecting some deeper market consolidation or correction in the near term.
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