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Sunday, February 17, 2013

StockWatch (Feb 18-22, 2013): PSEi

PSEi (Chart: Daily Resistance: 6542    Support: 6470/6400)

The index has moved higher last week, however, RSI was not able to move the same way.  There is a now bearish divergence in the chart between the index and the RSI.  This means put a hold on the buying and start selling portions of your short term positions.

The good side of this is that the Weekly chart does not share the same sentiment with the daily chart.  No bearish divergence is seen on the weekly, which means the upcoming bearish signals in the daily chart maybe for the short term only.

The 10 day moving average is currently providing support. If broken, the next support level would be near 6400.

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