Another bearish signal from PSEi

Our index fell by 1.8% today to close at 6155.34 While RSI or Relative Strength Index is at oversold level, Ichimoku system is showing an additional bearish signal today via the Kumo Breakout. If you notice we had a Tenkan Sen / Kijun Sen Cross which is a weak bearish signal few days back. Notice also that the Chikou Span is saying the same thing.

Remember last Nov 7 we were talking about the PSEi on its support and was waiting for a bounce but didn’t happen. The downward trend based on Ichimoku may continue and any spike may be hindered by the Kumo which is now our immediate resistance zone.

Caveat!

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