PSEi: 3rd visit to its support area. Will it bounce?

Philippine Stock Exchange Index

Index is at the mercy of its support level. Notice on our chat that this is the 3rd time index visited the area. The last two were followed by a bounceto 7600 level. Will it be different this time? Index has a few bearish signals based on Ichimoku system. In case the current support will be broken, next support is seen at 7150. Looking farther, on its monthly chart, we can see KSL moving horizontally at 6800 area. Remember that the magnetic force of KSL is strong when it is moving horizontally. Based on the indicators I am using, I say our index has a bearish bias.

Caveat!

Philippine Stock Exchange Index

Philippine Stock Exchange Index

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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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