Sunday, July 29, 2012

PSE Index Chart Analysis for the Week(July 29 to August 4, 2012)

Figure 1: PSE Index Chart

Last week our index successfully found some major support along its lower channel. Last Wednesday, downward market momentum has slowed down and since then the index has started to show some early signs of market reversal. One notable early signs of reversal right now is the breaking of RSI trendline (indicated on the chart above). I am expecting the market to retest and possibly  break the resistance around 5300 level.

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