• PSEi Likely To Fall To 5,800

    PSEi Likely To Fall To 5,800

    The Philippine Stock Exchange Index (PSEi) may soon head to its downside target of 5,800 given its breakdown from a head and shoulders pattern (kilroy) last week. An oversold reading in its RSI, however, may lead to a short rally soon although such reading may not be as effective on an intermediate downtrend. In any case, a resistance may still be met at its former support at 6,200. The ‘breakdown’, though, will remain in effect as long as the index trades below 6,200. A bounce, however, above 6,200 may invalidate the breach and send it back to 6,400.

     

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