PSE Index Chart Analysis for the Week(March 17 to 23, 2013)

Figure 1: PSE Index Chart

Last week the index finally corrected breaking its trendline and confirming our recent RSI trendline break. The index is currently oversold and possible rebound or pullback towards its recent trendline may happen soon. Upward momentum continued to slow down. A bearish divergence is also seen on its chart, unless negated this indicates the possible near term shift of trend of from up to down.