A week has already passed since our last stock market update and it just looks like that the PSEI has swinged sideways over the past 5 days as some investors have been locking in gains while some have been trying to grab and buy stocks at its current levels.
Over the mid term the market is still said to be bullish however it must hold certain support levels and must breakout from the same resistance as of last week.
How will the market go higher?
The PSEI still must break and stay above 7,800 and stay there for sometime if we want this market to move even higher. If the PSEI manages to hold and stay above 7,800, the next target price for the the market could be at 8,200. This is provided that volume continues to go up and that we hold and stay at the 7,800 level.
What if the PSEI does not break or does not hold at 7,800?
A possible correction to 7,644 is possible to a medium term correction at 7,410. Similar to last week’s update we have to consider that our market is still relatively expensive which may cause some investors to wait a bit to see if they can come in at cheaper prices.
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