Figure 1: PSE Index Chart
Index bounces of short term trendline support. It seems this trendline along with the 200 MA are acting as strong area of support for our index. Index is now at shorterm oversold area and its momentum continues to be strongly bias upward. With this I am expecting the index to continue moving sideways to up. The only negative I can see for now is that RSI is near its major resistance. It needs to break this RSI 60 in order to proceed upward and finally confirm RSI entry to bulls territory.
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