PSEi - Weekly
PSEi (Chart: Daily Resistance: 3322 Support: 3133)After breaking a standing resistance at 3133, the index now seems to be having some trouble with another resistance near 3322. This resistance was previously the long standing support from 2003 to 2008 which turned resistance on June 2008 (see weekly chart). The last 2 trading days has shown some weakness in the index, so for next week, expect the downward movement to continue. The breaking of resistance at 3322 is something to look forward to, as an inverted head and shoulder formation is waiting to be fulfilled if this resistance is broken.
General Note: A lot of stocks are oversold and have started to move down. Be on the look out for stocks the came from above RSI 70, support might start to come in when the RSI nears the 50 level.
