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!
———————————————————————————————————————————
My 2nd book Stock Smarts: Winning Strategies is now out! Click the Link to Register and Order.
If you’d like to learn more how to invest in the stock market and learn how to make your money work hard for you. I’d like to invite you to our upcoming events
- January 31st Stock Smarts Bascis: Manila
- January 31st How to Find The Perfect Timing in Buying and Selling Stocks (afternoon)
- February 7th Stock Smarts Cebu: Technical Analysis
- February 12th Technical Analysis: Chart Patterns and Oscillators (Evening Session)
- February 18th Stocks vs Forex
- February 26th Fundamental Analysis: How to pick good stocks and avoid bad ones (Evening Session)
- March 6th Stock Smarts UAE: Firm Foundation – Day 1
- March 7th Stock Smarts UAE: Technical Analysis – Day 2
- March 8th Stock Smarts UAE: Pro – Day 3
- March 20th Stock Smarts Singapore 2015 (Basic) – Day 1
- March 21st Stock Smarts Singapore 2015 [Day 2] : Technical Analysis
- March 22nd Stock Smarts Singapore 2015 [New Topics] : Portfolio Mangement, Market Outlook and Fundamental Analysis
For inquiries, registration, and payments email: stocksmartsconsulting@gmail.com
*Photos via google search
*chart via chart nexus
