The Phisix weekly chart
updated every Mondays, last update - 3/5/2012
Held Above its Minor Support at 4790,
Poised to Trend Up Further?
charts are courtesy of Metastock
The PSEi just continued
with its uptrend last week and has registered another new all-time high.
For the first time in history, the market closed the week above the 5000
level and has ended the week at its highs. Could this indicate that
prices will continue to trend higher next week? That certainly is how it
is looking like right now. The fact that prices fell towards its minor
support at around 4750 to 4790 and has held above it, may be a good sign
for the bulls. If we follow the upward trend of the market in the chart
above, it would seem like prices are now headed towards its medium-term
resistance at around 5250. Of course, with the market already having
climbed so much already in the last 10 weeks, I would definitely not put
my guard down at anytime. This market can easily turn on a dime. But, I
guess, as long as prices continue to hold above the 4790 level, I would
continue to expect higher prices from here.