Figure 1: PSE Index Chart
Last week was not a good week for our index. I am anticipating a market reversal but it did not materialize. Perhaps one of the reasons for that is the coming long holiday this week. Traders are also hesitant to enter heavy positions specially that we are still at the ghost month. Anyway, momentum upward completely shifted down and the lower line of our channel is on verge of being broken this week. If this happens next key support level will be the 5116. On the positive side there is still some possibility of a rebound given our market is at oversold state already. Right now it is finding some support on the 50 moving average (blue line) and the RSI 45 level. Lets see what will happen this week.
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