PSEi (Chart:
Daily Resistance: 5330 Support: 5210)
For the past 2
weeks the index has been moving sideways, mostly flat. Connecting the peaks and
lows for June and July, it seems that the index may be in a symmetrical
triangle formation.
As of the
moment, we may be seeing further downward movement from the index as the stochastic
momentum index line is now below the moving average. MACD also seems to be at a point where it is
about to move below its moving average line.
Do watch out if
the index moves below 5210, which is near the support line connecting the
lowest level in June and July. A move
below the support line would indicate the symmetrical triangle breaking
downward.
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