#PSEi Update as of May 15, 2017 7,772.93 -42.60 (-0.55%) TURNOVER 7.06B
Amidst all the excitement, after the market broke past 7,700 with force a couple of trading days ago, came the fact that investors at some point will have to take profits. That’s what happened as the market drew close to the 8,000/8,100 levels.
Which bring us to the question, where is the market headed now? Will we actually see the PSEi trend and go higher? Or will we see it reverse downward and break its bullish streak?
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Here’s what the video is all about:
The 7,700 support level held its ground today in spite of selling pressure as the market failed to breakout of the 10 day moving average. That short term moving average, now acted as the new short resistance that is keeping the market in check. With that the 7,700 – 8,100 level is in play and sound. With that, the market is still said to move sideways over the short term, unless we see a break from the above mentioned range7,700 – 8,100range. For mid-term position traders, all oscillators and parameters remain to be bullish with no mid term sell signals in sight.
#ICON2017
