Hi guys, for those who follow the chart of the Philippine Stock Exchange Index (PSEi), here’s an update as a follow up to my last post about it (kindly see it here). Right now, the chart is in a bullish mode and it’s really hard to tell until when it would be. But as we could see, the value has just broken above the ascending channel’s resistance (indicated by the red circle). Thus, creating a higher possibility of the index to head north towards the next resistance at 3,514.74. In case it clears the 3,514.74 marker, the next resistance could be 3,667.74. As always, there will always be the downside since we will never know what could happen to the market the next day. In case the index drops, the immediate significant support is the uptrend. If it breaches below that level, the ascending channel’s support could hold on to the PSEi from a further slip.
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