U.S. rallied after the easing of European Debt. The rally overshoot to 900pts in just 8 days and went to overbought levels.
Resistance is still on the 12876 level, and may retrace/correct back to 12400-12600 level before attempting to breakout of the 12876 resistance. A breakout of 12876 will lead to upper resistance 52week level of 13200-13500.
TRADE THE RANGE.
I am still a person who views PSE the most political and hardest market to play with.
A day of gains, and a day of loss. If DOW gains, PSE losses, and vice versa.
And traders of our market is mainly with 10 Top Trading Institutions. Easy to manipulate with.
In my analysis, we hit a new ALL TIME HIGH, but retraces back to 43xx level, its like saying we had a breakout, but sooo weak and people sold more than bought.
MACD is weak, and might accumulate some time and in a sideways format before seeking new highs.
An inverse head and shoulder is possibly forming, and once successful, may see a Technical target price of 4700-4800 (assuming DOW makes a breakout, and EUR silences its debt temporarily).
HSI Market is one of the easiest market to trade the range with. ( I ASSUME). From Nov 2010 to this point, the large trading band was circulating at a 10% level, and in 10 months time, trading that range on a perfect note, lead to 30% increase in portfolio already.
BUY on DIPS or with 22000 level with a cheap PE ratio of Hong Kong to about 11x only.
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