Phisix Daily Chart

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The Phisix daily chart

updated every Fridays, last update - 1/24/2012

Uptrend Continues

but Nearing its Medium-term Resistances

charts are courtesy of Metastock

Legend: blue lines - range for Tsupiteros

dotted blue lines - range for Position Traders

red lines - important trend lines

Short-term Traders/Tsupiteros:	Medium-term/Position Traders:
Support - 4663	Support - 4500
Resistance - 4815	Resistance - 4865
Trend - Up	Trend - Up
Recommendation - Hold / Take profits on strength	Recommendation - Hold

The PSEi continued to rocket higher again today and has once again closed the day at its highs and with a long white candle. It looks like the market may continue to climb further from here despite already climbing for a fourth day in a row. However, I wouldn’t be surprised if the bulls start hesitating to bid up prices come next week. Not only are we overbought in the short-term but we are also nearing the market’s medium-term resistances at around the 4850 to 4865 levels. Foreign funds were net sellers today by P151 million but, if I took out the net selling in PRC, they would be net buyers by P626 million. What the bulls would like to see by next week would be another shallow 2 to 3 day correction. If the market is able to do this, then, we may continue to power higher. Of course, I am not discounting the possibility that prices may continue to climb further from here and do a parabolic rise. Tsupiteros, who currently have positions right now, are may either just hold and use a break below the 4663 level, or, start taking profits on strength come Tuesday. Position-traders, on the other hand, are still recommended to just hold and use a break below the 4500 level as your mental stop. Position-traders may also start taking some money off the table as close to the medium-term resistance at 4865 as possible.

Notes:

Short-term Traders/Tsupiteros vs. Medium-term/Position Traders: Recommendation for short-term traders or Tsupiteros are meant to be used by traders whose holding period are limited to one day to two weeks. Medium-term or position traders are meant to be used by traders whose holding period are two weeks to three months. Long-term investors whose holding period is more than three months should not follow these recommendations.