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.
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