Figure 1: PSE Index Chart
On my last index analysis, I have expected the index to bounce/reverse. Indeed it pulled back towards our 38.2% fib resistance and the 20 MA before correcting again from being short term oversold. For this coming week I am expecting the index to continue consolidating with high probability of moving sideways before resuming its upward move. Momentum downward is quite weak now when compared to last time. What I am speculating right now is if the index will form a double bottom pattern.
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