We did discuss last March 13,2011 that PSE already had the bottom (http://theamazingchart.blogspot.com/2011/03/we-finally-found-bottom-with-pse.html), and it already did!! Congratulations to all PSE stock owners who patiently waited on the sidelines and attacked during the time we forecasted that we've seen the bottom! Cheers to the ones who bought very cheap, let them chase the prices, so we'll have enormous gains! :)
With the hype of PLDT buying DGTL and hyped increase of profits of GLO (Nah!!), it helped us manage to breakout of the very very strong downtrend resistance line in 4000-which took around 5 months to bottom out.
Looking into the short term status of our very own market. RSI is quite oversold at 74.91, Next stop is around 4250 resistance, but as early as now,we can see some people shorting with the quick 5-10% gain within 1 week. I have drawn above the possible scenario our PSE market may take place in few weeks time, and it would not be that easy to get into our 4400 52-week high very fast, time will take, and if there is any chance that PSE market will fall back into 4000 territory, take it as a chance to enter the market for this new uptrend channel.
Summary per Sector:
Energy - strongly uptrend
Conglomerates - the breakout of AC from its 380 resistance makes the big blues all uptrend
Banks - BPI did the breakout of 58.50 resistance last friday, somewhat, we expect BDO and RCB to follow.
Properties - still no signs of breaking out, but watch out as they are the only ones not going up yet.
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