Figure 1: PSE Index Chart
Been really busy with work the past week and I wasn't able to update my blog for last weeks market analysis. Anyway, I am glad the previous double top which I forecast the past weeks failed. The local market broke its resistance located at around 4,253. The question now is will it be able to hold its price above that line? Our local market is been consolidating most of the time last month. Will it be in time for the santa claus rally? One catalyst I am waiting for is the earnings report of companies which will be release this month.
Now looking at our indicator, our market is at the neutral area which is good because the downward pressure is not that strong. Unless there is a bad news, our local market has a big probability of holding on to its current support.
It seems November will be much stronger than the September rally. PSE likely to reach 4500 before end of the year
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