PCOMP continue to go up, staying above 20-day SMA line

Could our index go straight to the upper slope? This week has been a good week for our index after consolidating at 61.8% Fibonacci Retracement level, we are now looking at touching the 50% level and probably kissing the upper slope. If we look at our chart we have a downward channel and every time our index hit the upper slope it retraces. Of course everyone is looking forward for a break from the resistance slope but too early to tell right now. Also, our index has been moving up, when will it be tired?

By the way our index is able to stay above the 20-day SMA line.

Caveat!

One Response to PCOMP continue to go up, staying above 20-day SMA line

  1. […] Philippine Stock Exchange Index is up by 177.74 points or 2.81% to close at 6,511.70 We are currently breaking from the slope (see slope here http://www.traderslogbook.com/pcomp-continue-to-go-up-staying-above-20-day-sma-line/) […]

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