PSEi (Chart: Daily Resistance: 3597 Support: 3438)
The index had a remarkable rally last week with large value turnover. It did not only bounce from support, but was also able to create a new high. RSI is again on the overbought level, so for the coming week, expect a possible downward movement by the middle of the week.
MEG- Monthly
MEG (Chart: Daily Resistance: 2.28 Support: 1.76)MEG broke out of a very big cup and handle formation. Target price is near 3.0. The breakout volume on the daily chart is not that convincing because it did not surpass previous week’s large volume. However, looking at the monthly chart, the breakout is a little more convincing as the breakout volume was larger than the previous months. This somehow indicates that the target price might not be achieved in a couple of week’s time, but rather probably more than 4 months before target is reached
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