The PSEI is now bouncing off a support at 7,186. We are seeing a more bullish sentiment for the market over the short term and will see if it will try to attack and go for 7,360.
Looking a the chart above the PSEI is forming an ascending triangle with the resistance pegged at 7,360. The MACD is pretty much bullish and is showing an upward push.
What would it take for the PSEI to hit 7,400?
As stated above check out 7,360. If that is broken 7,400 is well in range. Everything for the short term now hinges at 7,360.
What’s next after 7,400?
If the market hits 7,400 and stays and holds that level the target price for the PSEI would be 7,600 for the short to mid term.
What if the market fails to break 7,360?
If selling pressure is prevalent at 7,360 the market may drop agian to 7,200. You may use 7,200 also as a staging point for you to buy agian. Should it go lower and correct.
I hope these charts help you find a reference point in your trades and would help you know when is the best time to come in and out when it comes to your investments. My desire is to see you win in the stock market repeatedly over the long term and that you may find your own winning strategy that will make you profitable in the stock market! God bless you and have a great week ahead as you move forward towards financial freedom!
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*Video via ANC On The Money
*Pictures via google search
*Charts via Chart Nexus