Figure 1. PSE Index Chart
Sorry guys. I was not able to update my blog for the past days for I was on a business trip.
Recap of our market since my last post:
The index after hitting my TP1 target reverses and formed a double bottom pattern whose target was hit prior to the correction last week.
Market expectation:
I am expecting the market this week to move up given its oversold state. The 20 MA is acting as immediate support right now. My only concern is if this is just a rebound coz market momentum is still heading downward. Until there is some shift in momentum, I will consider any upward move as a rebound for now. In case this is just a rebound then key support area to watch is the area around my 50 MA line or the blue horizontal support lines.
By the way, you can also visit me on my own thread in: www.stockmarketpilipinas.com
For I will be posting from time to time some market insights over there.
God bless our trades.
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