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The Phisix weekly chart

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

 

Broke Above its Long-term Resistance

but Approaching its Medium-term Resistances

charts are courtesy of Metastock

 

Did the PSEi actually break above its long-term resistance at 4563? That certainly is how it is looking like right now. With the market closing above that resistance line on a weekly close, it would appear to me that prices are now trending up in the monthly chart once again. With the market closing the week at its highs and with another long white candle, I would tend to think that prices may still continue to trend up further by next week. However, this is now the third long white candle in a row on the weekly chart. Surely, we will experience some bout of profit-taking soon. I just don't know what level the market will peak. Judging by the weekly chart above, it would appear to me that prices might start tapering off soon. The 5000 level is obviously the big, heavy resistance in the chart above but I will be quite surprised if we actually reach 5000 without some sort of profit-taking first. I am still not discounting the possibility that this might just be a big bad bull-trap but, as long as we continue to hold above the 4500 level, I will presume that we are indeed trending up already in the long-term. Tsupiteros might want to start taking some money off the table by next week and just try to buy back your positions on the next correction. As for Position-traders, you might just want to hold and use a break below the 4500 level as your mental stop. If this is a real bull, we should not break 4500. By the way, if this is a real bull, I'm now looking at the 5500 to 6000 levels on the PSEi.

 © 2006. Miko S. Sayo. All Rights Reserved.