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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.
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