Just before the market opens here’s a quick analysis on where we are in terms of the general direction of the PSEI. Hope this serves as a reference point to your trades for the week! As always, make the necessary studying before making a move to buy and sell for the week. You have to remember that when a market is to excited and too optimistic it could be a pre-curser for an impending drop. Markets don’t go up and stay up forever. There is always a fall and a correction afterwards.
Where are we now?
The market closed at 6,962 as of Friday July 4, 2014.
What is the significance of this?
For the First time the market has broken out of the 6,900 and this now gives the PSEI its first crack at 7,000 for the first time in nearly 13 months!
If the market goes higher where can we go?
Looking at the chart, this could give the PSEI a chance to go to as high as 7,100. If 7,100 is broken upward, 7,400 is next in line to be attacked.
If it fails to go higher, where is its first stop downward?
If the market drops and does not hold 6,900, the market could retrace to 6,800. Then to as a low as 6,690.
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