Phisix Monthly Chart

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The Phisix monthly chart - updated 3/5/2012

Convincingly Broke Above the Major Resistance Line

charts are courtesy of Metastock

The PSEi has convincingly broken out of its 15 month consolidation and has begun to trend up once again. Two months ago, we weren't so sure that the market has indeed broken out of its range but, after last month, I think it's pretty obvious now that the market has indeed broken above its resistance and may now be targeting the 5500 level, if not higher. Unless the market drops back down below the 4370 level, which is unlikely, I will continue to expect prices to trend up from here. Effective this month, the market is no longer a "trade the range" but is now a "buy on dips". Just remember, the line in the sand is the 4370 level, wherein we are bullish above and bearish below.