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The Phisix weekly chart

updated every Mondays, last update - 8/31/2010

 

Parabolic Spike in the Works

or Are Prices Toppish Right Now?

charts are courtesy of Metastock

 

The PSEi failed to follow-thru on the prior week's gains and have left us with some doubt once again in our minds if this will indeed do a parabola or not. The position of the market right now is very, very tricky. From the way I see it, we are either toppish right now or we are on the brink of a parabolic move to the upside. The break above the resistance line of the market the previous week (red upper solid trendline) indicated to me that a parabola might be in the works but if prices suddenly drop back down from here, that may indicate we may have peaked already. The level to watch out for would be the 3460 level. If this is a parabola, prices should no longer break below that level. Take note, if the market fails to hold above 3460, we may drop back down to as low as 3200 (no, that's not a typo). However, if the market is able to hold its ground at current levels and consolidate at its highs, then, maybe we may be setting up for a rocket move towards the 4000 level, if not higher. Watch out Tsupiteros. The next one or two weeks will be very, very critical.

 © 2006. Miko S. Sayo. All Rights Reserved.