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!———————————————————————————————————————————
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*Charts via ChartNexus
