PSEi ( Chart: Daily Resistance: 4560 Support: 4400/4330)
The index had a short upward movement last week, but was probably capped by financial events occurring in foreign markets. After the short 1st day upward movement, the index went down and broke the standing rising wedge.
Downward target value for the rising wedge would be near 4260. However, the 65 day moving average is on the downward path of the index and this may provide support for the index. The strength of support at 4260 is still something to see, but I’m hoping that the index does not go below that level so that the upward movement of the index would remain intact.
Expect continued downward movement for next week. A bounce may occur probably towards the end of next week or once RSI level reaches near 40 level. Sell for now, or you could wait for the bounce to happen before completely unloading your stuck positions.
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