Will PSEi continue to go up or its the last hoorah for now?

Impressive consecutive rallies for our index since the time it hit 5886 last Feb 4. Will there be more rallies to come? So far the 61.8% Fibonacci Retracement level that acts as a resistance was easily broken and our index close with no bearish signal from candlestick pattern. This could mean we still have a good chance to move up. But a resistance at 78.6% Fibonacci Retracement level could be a different story. Aside from the fibo line, we also have the upper slope which will act as a resistance. So it is very important to monitor this zone. In case index will turn sour and continue to fall then we might see it drop to 5454?

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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