Figure 1: PSE Index Chart
I was amazed by how resilient our index to correct last week. It was able to push itself above a major resistance, which now becomes its major support. Right now our market needs to correct or consolidate because it is already oversold as showed by my indicator. If the major support can hold our index then market will be moving sideways else it will go down to its next major support located around 4238. One positive thing I have seen in our index lasts week is that it was able to somewhat slowed down its downward momentum.
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