Figure 1: PSE Price Chart
My immediate target price of 4200 was been hit last week. Right now I am expecting our market to correct/consolidate. Our indicator is telling us that it is already at the overbought area. RSI is also confirming the immediate resistance at ~4200. Momentum is also somewhat bias downward. In my opinion our market needs to rest and build up some upward momentum first in order to break the 4200 resistance. Supports areas during the retracement will be found along the support 1 and support 2 lines on our chart. Another scenario to happen but with lesser probability is for our market to push itself higher and consolidate above 4200.
Figure 2: PSE Target Levels
In the case that our local market will successfully retrace back to the support lines, I am projecting a target level of ~4350. Before reaching that target I am expecting some market reactions at 4280. Right now our market needs to break the resistance at reaction1.
This is just my own opinion of the current market direction. (caveat)
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