PSE Index Chart Analysis for the Week(June 23 to 29, 2013)

Figure 1: PSE Index Chart

Last week the index continued to correct after hitting resistance around 6500. This week I am readjusting TP1 (6100) for current market correction. What amazes me right now is that there is already some sign of market bottoming . Aside from the RSI was already able to hit oversold area, indicating possible market bottom. There is also some divergence developing with regards to index momentum downward. Index corrected last week, but momentum downward is slowing down. If TP1 holds then its possible that market will form a double bottom pattern. I am looking at TP1 as possible bottom, but in case TP1 will not hold then look for possible bottoming at TP2 or at TP3. Lets see what will happen this week. Best to our trades.