PSE Price Chart:
Presently our market right now has entered extreme consolidation with neutral momentum. This is an early signal that a huge move in the market is about to unfold. The concerning factor is we don't have a clear view yet if where this huge move is headed. It could be up or down. Good thing is the index is somewhat respecting its uptrending price channel. As long as this channel is not broken then market is bias to the upward direction. Our clue here to go long is if the index will be able to break its resistance around 4320. Another clue as to where market is headed can be derived from our RSI indicator. A breakout or breakdown below its support (blue line) and trendline resistance (red line) will give us further clue as to where market will be headed. Right now the market is neither at overbought or oversold level.
No comments:
Post a Comment