Figure 1: PSE Index Chart
Last week our index was able to hit key area of resistance. This resistance area can also be seen on our RSI indicator. This coming week I am expecting some possibility of a market correction in order for our market to correct itself from being overbought. On the positive side last Friday our index is showing up some early signs of a strong momentum upward. If the index can release this buildup momentum upward, then we may be able to see our index break those resistance before correcting. Next key resistance to watch after 5330 will be the 5400. The present major support area can be found at the lower line (blue line) of our channel or the 50 moving average (colored blue MA).
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