Figure 1: PSE Daily Chart
The market correction/consolidation that I was expecting to occur in our market eventually happen last week. This correction for me is a healthy one and is needed in order for our market to rest and gather some momentum to break the resistance (4229.73) for our market is already at the overbought area of our indicator. Early this week, I am expecting our market to still consolidate/correct. Depending on how strong the momentum downward we may be able to find support at either support 1 or support 2 of our chart.
Figure 2: PSE Weekly Chart
Looking at our weekly chart, I am very much bullish with our market for it is already at the oversold area of our indicator. Major Fibonacci golden ratios are also being highly respected by our market. Immediate support is at 4026.
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