PSEi (Chart: Daily Resistance: 3536 Support: 3431)
The index moved sideways for a moment and then moved downwards for the rest of the week last week as a reaction to the overbought condition. For the coming week, observe if the support line at 3431 will hold. Also do observe the RSI as it is approaching near the level of 50, this sometimes acts as a support level when coming from a high of RSI 70. Expect the index to move further downward next week and probably move sideways when it reaches the support line at 3431.
GLO Weekly Chart
GLO (Chart: Daily Resistance: 820 Support: 750/700)GLO is not in a very good position currently as the stock just broke down from a channel with a downward target price of about 750. To add to the negative events, the break down also formed a gap downward. The RSI of the stock on the other hand tells of an oversold stock and a possible bounce may happen anytime next week.
A thing to observe is if the stock would be able to go lower than 700. The 700 level is a support line or neck line of a possible large head and shoulder formation (See weekly chart). If this stock breaks down from the support, then this definitely would be a very long downward movement (however, I think this is highly unlikely, because the downward target price would bring the stock to a negative value)
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