PSEi (Chart: Daily Resistance: 5400/5420 Support: 5310)
The index is currently being supported by the 10 day MA, preventing it from moving further down.
What seems to be forming now is an upward channel instead of a rising wedge because of the sideways movement that the index generated last week.
We see that the index is now just a few points away from reaching the index’s all time high near 5403 and this would definitely be a serious resistance for the index.
Right now the R-squared (blue line) is starting to dip, which means the index is losing strength, but the Stochastic Momentum index, RSI and MACD are all climbing up, so be on the lookout for a possible divergence, where the index moves higher than the recent high, but other indicators are unable to do the same.
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