PSEi (Chart:
Daily Resistance: 4050/4100 Support:
3860/3715/3630)
The index made
a dip on the first half of the week and recovered on the second half. From the looks of it, the index is moving
sideways with large swings. If the resistance at 4050 still holds by next week,
this may lead to the sideways ranging movement of the index.
The index seems
to be bullish on the second half of last week, but it is still not recommended
to get in the market, as we are unsure of the index’s trend for the past 2
weeks. If the index rallies, I would
suggest that you sell your positions rather than holding on to them. There are a lot of other resistances along
the way and you would be holding on to those stocks for a long time and also,
when the 5th wave materializes, you would incur more loss.
Observe as well
the RSI reaching 50 level, as of current it is still possible that the index
would encounter resistance when that level is reached.
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