Figure 1: PSE Index Chart
Last week the index has pulled back towards 7000 level, just like what I am expecting it to do. After which it continues to move downward creating what it seems to be a breakaway gap. Key target of correction are the TP1 and TP2 of the chart. The 200 MA is now acting as key support. The breaking of this 200 MA will give as signal that our market will be in bear territory already. Downward momentum is extremely accelerating downward with no clear sign yet of slowing down. This is definitely not good sign for now. Best to our trades.
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