Index touched KSL after few weeks of attracting

philippine stocks exchange

Weekly: Our index went as low as 7,468.58. We have notice that Kijun Sen line has been moving horizontally since April and has been our technical indicator that index could come down to 7500 level and it did. As of now, this KSL will be our support together with the 23.6% Fibonacci Retracement level. But will it hold? Another support can be seen at 7400. Overall sentiment based on Ichimoku on weekly is bullish.

Daily: Ichimoku elements are showing bearish signals. Last Friday was a good rally but index may encounter headwind once it is near 7,716

Relative Strength Index or RSI is at 41.8 on weekly while 32 on daily.

Caveat!

Philippine Stock Exchange Index

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