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.


Philippine Stock Exchange Index

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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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