Figure 1: PSE Index Chart
Just like what I have been concern about, the index movement early last week probes to be just a mere market rebound. Right now even though our index is at oversold level, its downward momentum is getting stronger. This is not a good sign at all, hopefully we will be able to see some slowdown of its downward momentum. Also its major trendline support and support area around the 50 MA (blue moving average) must hold our index, else will be able to see it go down towards our next support level located around 4860 to 4880.
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