Phisix Weekly Chart

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The Phisix weekly chart

updated every Mondays, last update - 3/8/2010

Continuing to Climb but Rate of Ascent is Declining

as it Gets Closer towards its 52-Week High at 3133

charts are courtesy of Metastock

The PSEi continued to climb higher last week and is now just a stone-throw away from its 52-week high at 3133. The fact that prices were able to rally up to as high as current levels is certainly a good sign for the bulls as it indicates that the medium-term uptrend of the market is still very much intact. However, for the short-term, the market may encounter some head winds as it gets closer and closer to its previous high at 3133. I don't know if you've noticed but the market's rate of ascent in the last one week has begun to slow down already. Obviously, some people who bought at lower prices and some of those who got stuck at higher prices, have begun to sell already. As the market continues to climb up, I would expect more and more people to start selling their positions and provide resistance to this market. However, on the bigger picture, it looks to me that the market will eventually form a higher high above 3133. If we follow the trend of the market as indicated by the trend of the chart above, prices may even climb up to as high as 3350. For short-term traders though, you may want to start taking profits this coming week.