Congratulations to Team Pacquaio for winning and still having the World Championship title. its not a KO for Pacquiao, and not a KO also for our PSE Market to hit the old high of 4400. From our past post http://theamazingchart.blogspot.com/2011/05/dow-jones-and-short-update-for-pse.html. We expected this market NOT TO hit new highs, and consolidate on the huge band around 3800-4400.
Even if the RSI is standing at 50.0, I am still waiting for more correction to come, SMC has been dragged down with a 2PO price of 110, many anticipated buyers subscribed due to being stucked at 150-180 level, having a "chismis" of SMC opening at 120-130, It broke the hearts of the SMC solid buyers (who chased SMC up to 18) by opening only at 110. Too sad, but im sorry for the losts.. You took the risk of the Overvalued stock, there it goes.. That's stock market.
Anyway, We still expect the market to go sidelines and may hit 4000 level (purple Color) before any buyback continues, there are a lot of stocks which are currently overvalued with overbought status and need to take more correction phase to hit new highs. The Daily MACD and RSI Negative divergence confirms that we may not seek 4400 yet.
Let us see in the next few weeks, if PSE market may get its steam rising through and beat the 4400 level with a K.O. ! HOLD and wait near 4,000 level to buy back in.
Good Luck!
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