For the first time in 7 months, the PSEI broke its mid term uptrend. Dropping 458 points from 7,361 to a low of 6,900.
Oscillators like the MACD is showing downward momentum and bearishness over the short term. Though the market looks oversold already, it does not automatically translate that it will bounce back up to the current uptrend.
The good news is the 100 day moving average protected the stock from falling futher. At this point it would be important to watch for 6,982.
If the PSEI falls below 6,982 we can expect the market to drop to 6,670 where there would be an amount of buying that may take place.
On the otherhand if the PSEI continues its bounce it may challenge and go up to 7,130 – 7,192.
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 weekend ahead as you move forward towards financial freedom!———————————————————————————————————————————
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*Charts via ChartNexus