After hitting 7,000 yesterday the PSE slightly dipped today to close at 6,954. This just showcases the selling pressure at the 7,000 as investors who entered earlier were trying to lock in gains along with investors who got stock last year and were trying to exit at breakeven or just with a slight gain.
Over the short term, if the market fails to breakout and stay above 7,000 we may see it over the short term to slightly drop to around 6,900 or 6,822. However if it does break out, we may see the PSEI go to as high as 7,200 over the short term.
Let see how it goes! At the end of the day, no one can know where the market will go in a day to day basis. What we know right now is that the market is sideways and is ranging from 6,800 – 7,000. The heart of why I love posting these charts is for you to see where the market is in a general level. I hope that the charts give you an idea on how you form and create your strategy because I really want you to be profitable in the market not just now but repeatedly for the long term. That as you become profitable you encourage other people to invest along the way!
Greater days area ahead for stock trading and investing and you are very much a part of it! God bless you!
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*Picture via google search
*Charts via Chart Nexus