After breaking the more than 7 month uptrend that started last February 2014. The PSEI started to drop and from the fall it formed a short downward countertrend. Where could the market possibly go?
Looking a the chart below the trajectory of the trend can lead the PSEI down to the strong support of 6,700. MACD is also showing that the market is relatively bearish.
What would it take for the PSEI to escape the downtrend?
The market should breakout and go to atleast 7,200
Where could more profit taking take place in the short term?
Immediate resistances (selling areas) would be 7,140.
What if the market drops what should I watch out for?
Watchout for the 7,000. If 7,000 is broken the market may drop further to either 6,900 and then to 6,700.
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!———————————————————————————————————————————
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
- November 5th Retire 2014 Reloaded (Manila)
- November 13th How to Find The Perfect Timing in Buying and Selling Stocks
- November 22nd Winning Strategies for Investing Singapore
- November 22nd Associate Financial Planner Singapore 2014
- November 27th Modern Technical Analysis: Chart Patterns and Oscillators
- November 28th Stock Smarts Davao – Basics, Fundamentals, and Technicals
- December 5th Stock Smarts Singapore 2014 (Basic) – Day 1
- December 6th Stock Smarts Singapore 2014 (Technical Analysis) – Day 2
- December 13th Market Outlook and the Top 10 Stocks for 2015!
For inquiries, registration, and payments email: stocksmartsconsulting@gmail.com
*Charts via ChartNexus