The markets have reversed into a stronger bearish sentiment after breaking the long term MA and the support at 8,100. While the market was dropping volume remained to be strong and consistent. This means that a lot of people are going out and wanting to go out the soonest time possible.
With that, how low can the market go?
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The downtrend continues
Breaking down to 7,700
The market needs to go above 8,100 again for buyers to have a chance to protect the support range. If it does not, this opens up the PSEi to a larger degree of potential downside as the market may further correct to the next support at 7,700.
The best way to trade the markets with conviction is to use technical analysis
I really believe without technical analysis, everything else is just guessing and speculation.