PSEi – Weekly
PSEi (Chart: Daily Resistance: 4246 Support: 4146)The index is now showing further signs of bearishness. Looking at the weekly chart, we are now seeing a hang-man candlestick formation which is a bearish indication. A hangman formation usually needs a confirmation on the next trading day/week, that if the open and close is lower than the hangman formation’s values, it would be a confirmation of a bearish event. However, even if we do not wait for that confirmation, it is very much evident in the chart that we are now in a bearish state with the MACD in the daily chart already lower than the MACD signal line. RSI also shows a negative divergence. So for next week, it would be best to sell for now and just recoup your positions later.
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