Since the Head and Shoulder pattern we had last week. It had a technical target downside of 7332.
Uptrend since 2013 is also set around 7400 level. Making 7332-7400 level a strong support for a bounce. But as of 130pm today, June 9, 2015. There is no strength of stock buying, every refresh makes an intraday low.
The decline since 8310 was so rapid that we already dropped 10% from the peak. And still around 20.70X P/E.
The uptrend support since 2013 should hold at around 7400, else we may erase all the gains we had for 2015.
Worst case if PSEi does not hold above 7400, is a breakbelow of medium term uptrend, with target downside of 6900.
Long term uptrend from 2009 is now at 6500.
RECOMMENDATION: It is a BUY if it can hold above 7400. If not, I am willing to wait to revisit 6xxx at worst case.
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