Sunday, August 1, 2010

PSEi Weekend Update - August 1, 2010

Hi guys! Back in my last technical analysis on the chart of the Philippine Stock Exchange Index (PSEi), I thought there was an ascending channel breakout that took place (kindly check here). Apparently, what looked to be a breakout really wasn't a breakout but more of a bounce from a new resistance so I had to do some adjustments on the ascending channel. Right now, the PSEi is still in a bullish mode as the uptrend is still intact and has been for 15 months now. While the bears aren't around, the index could further climb and head to 3,514.74. If that marker gets cleared out, the next resistance could be 3,667.74. Well, as I always say, as long as the uptrend remains intact, the ascend of this index would most likely continue. However, assuming the uptrend gets broken, the immediate support could be 3,281.38. If a further slip from that area takes place, the ascending channel's support could prevent the PSEi from a further drop.

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