For the first time in around 20 months, the PSEI has closed higher than 7,360! As the market opens today, it would be interesting to see if the PSEI would move up and convincly and latch away from 7,360.
What can we expect?
If the PSEI does so and moves up today, we may expect the market to go higher and start its push towards 7,400 I beleive for it to do so (hit 7,400), it needs to stay above 7,360 so that the whole market will perceive that price range as a relatively cheaper price to come in.
Again, more buyers will always bring the market up.
But what if the PSEI drops?
Similar to what I wrote on the previous PSEI Update, we may see the market go back to 7,200 levels or even lower at the strong support at 6,942
What happens if the market breaksout and holds above 7,400?
Should it breakout, the market must hold above 7,400 for everything to remain valid. If 7,400 holds we now then can set our sights to 7,600 and have 8,000 looming around the corner!
Technical analysis and charting is one of the best ways to find the perfect timing in stocks. I believe as you continue to progress in your investing, no matter how busy you are, it is my hope that you spend the time to learn and to grow further on how you can continue to evolve and make your money work hard for you. It’s time to be stock smart!
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