Bears spotted on PSEi today

Our index climbed from 5955 last November 26 and today it reached as high as 6269 and close at 6223. The movement today signifies that the bulls still have the upperhand at the beginning of the trade but the bears were able to pull the price back to almost where it opened and making there presence felt. Since this is a weak bearish reversal signal we need to see a long red candlestick or a gap down for confirmation. Absence of such means price will continue to move up.

Based on Ichimoku system, our index is still in a downward trend with no bullish signal from any element. Current price is inside the Kumo and the bottom of it will be our lowest range of the support zone which is at 6,100. In case price will drop this should hold or else downward sentiment will be fueled with more bearish sentiment.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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