Figure 1: PSE Index Chart
Here's what the chart is telling me right now:
1. There is a bullish divergence from our RSI indicator which greatly indicates a possible upward move by our market.
2. The index was able to form an AB = CD pattern with possible reversal area around 3837 and 3684 of our chart.
3. Current market is also being supported right now by the major support line of 2007 high (see chart below).
4. The market has some room to move up this week as indicated by our indicator not at the overbought area. This was possible due to the market correction last week.
Figure 2: PSE major support area
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