Figure 1: PSE Index Chart
Our index was able to perform exceptionally well last week, for it was able to invalidate the triple top pattern. It was able to hold on to the 4143 support and pullback towards its trendline (blue line). I need a confirmation early next week if the price can hold on above this blue line. If price can't hold on above that line then we are headed into some correction. Given also by the fact that the index is already at the overbought area as indicated by my indicator at 95.56. Support is around 4220, while resistance is around 4347.
On the positive side, the index momentum is now starting to accelerate upward. If this continues the 4347 resistance will finally be broken.
On the positive side, the index momentum is now starting to accelerate upward. If this continues the 4347 resistance will finally be broken.
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