PSEi (Chart:
Daily Resistance: 5252 Support: 5180/5070)
It seems that
the recent 3 week bullish activity that propelled the index to new highs was
unable to sustain its upward momentum and right now with the past 2 weeks of
downward movement, the gains made on that 3 week bullishness is now 50% gone.
The index is
now below the 10 day moving average, which previously stood as a support line
and is now a resistance for the index.
As long as the index is below the 10 day moving average, I would like to
suggest avoid buying and just maintain your position or lessen it.
Do watch out
for the 50 and 100 day moving average that is just a few points away from the current
index level. If the index moves below that 2 moving average lines, be prepared
for a long wait before the index is able to create a new high.
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