Will PSEi be able to continue rising?

PSEi continue its winning streak today adding 30.19 points to close at 6,170.05. Based on our chart, there is no bearish candlestick yet except that it is currently knocking at 50% Fibonacci retracement level. In case this will be broken, then next stop will be around 6289 but it is important to monitor tomorrow’s candlestick since we are at resistance level. Notice that last time it hit the 61.8% Fibonacci retracement level and showed a Shooting Star before it fell hard.

If price will not continue to rise then we will see a creation of new lower high which could mean we haven’t reversed yet.

Weekly chart shows index has meet with the Kijun Sen line which has bent down after moving horizontally.

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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