PSE Index Chart Analysis for the Week (January 30 to February 5, 2011)

Figure 1: PSE Price Chart

Last week we are fortunate enough to have the right estimate as to where the market will reverse. I admit the market is getting more trickier with regards to its current direction and behavior. Right now our market is still on consolidation. Good thing there is still some room for our market to move up this week. Our indicator is telling me that it is not yet on overbought territory and momentum also during past week has started to shift upward. Possible target of our market for the week is the area around 4071 to 4105. Any correction of the market early in the week would be a premature one and a good opportunity for our market to build up more strength to move upward.

Note: This are all just my market opinion and I may be wrong here. (caveat)