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The Phisix monthly chart - updated 8/9/2010

Strong Upswing Continues but

Approaching Major Resistances at 3900 to 4000

charts are courtesy of Metastock

 

The PSEi continued with its strong ascent from its trough at 1684 and has now risen for the last 19 months. Can it continue to climb further? I guess that is what most people are asking in the market right now. I guess as long as the trend in the weekly chart is still up, then, the bulls will just have to continue to expect prices to rise. The level to watch out for on the downside is the 3200 level. However, notice that the market's rate of ascent has dropped considerably from a few months ago. While this may not be a cause for panic, the bulls should be aware of it. The slower rate of ascent is indicative of an uptrend that is getting tired. However, this is not a reason to sell immediately as the market may continue to climb this way for a long period of time. Looking at the chart above though, I would presume that as the market gets closer and closer to its previous high at 3900 or to its psychological resistance at 4000, the market's rate of ascent may drop down further. Can't the market break above these levels? Sure, but I doubt if it can do it in this run. For the market to break above those levels, a major correction should occur first, in my opinion. For the meantime though, just continue to enjoy this rally until it lasts. 

 

 

 

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