Figure 1: PSE Index Chart
Last week the market has exceeded my expectation for it was able to finally break its major resistance and finally confirmed the double bottom pattern. Base on the pattern the estimated target price for our market is to reach approx 4060. But before that, it has to break some resistance located at 3950 and 4000. What concerns me is if the market momentum cannot break those resistance level then we may experience some market correction within the week. Both of my two indicators are telling me that the market is already at the overbought area and a market correction is very much possible.
No comments:
Post a Comment