Did PSEi broke out today?
Over the past few weeks/months, we are monitoring daily that a short term uptrend line is in formation (Dark Blue), it almost broke down into early Feb but we adjusted according and still consider PSEi as a short term uptrend index.
Just today Feb 17,2014, we closed at 6167 and most likely broke out of our Medium term resistance(do I hear people shouting "AT LAST?"), we'll do not start the party yet as we need to break out another set of important resistances to confirm.
The 6185 level where we got our weekly highs 2 weeks ago. And the 6200-6250 area where historical support/resistance has taken place in the past months.
After we get above 6200, we can roughly say our uptrend momentum is increasing with Short-Medium Term targets of 6285 then 6360. Then the critical resistance near 6500.
Our Long Term uptrend line since 2009 is now at 5526 and increasing.
Most of the Bluechips stocks have also broke out of their downtrend lines and most are short term uptrend, we could upgrade some to medium term uptrend when we see momentum picking up.
No comments:
Post a Comment