The PSEI still as as bullish as can be since February 2014 this year. The uptrend as of this writing still is well intact and will continue to be an uptrend until proven otherwise.
Zooming into the chart we could see that selling is evident as the market draws closer at 7,400.
We may see the market move up again and challenge 7,400 again.
If 7,400 is broken upward:
We may see the PSEI go to 7,600 over the short term.
If the PSEI drops below 7,176:
We may expect the market to drop to either 7,138 or 7,050. If it does hit those levels we must see if buying will continue to re-emerge.
Looking at other indicators MACD is still showing that the market is bullish however it is pointing that we may experience downward momentun over the short term.
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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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
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- September 20th Technical Analysis: Chart Patterns and Oscillators (afternoon)
- September 20th How to Find The Perfect Timing in Buying and Selling Stocks (morning)
- September 29th Stocks Smarts: How to pick good stocks and avoid bad ones
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