Figure 1: PSE Index Chart
Our index is now at overbought area of my indicator. This is an indication that we are nearing some near term market correction. On the contrary as long as the market can continue to build up a strong upward momentum then our index will continue to move up higher and possibly break the 4400 this week. Last Friday the index and the RSI has finally broken their respective key major resistance area. I am estimating a near term target of around 4450 to 4500 for our index.
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