Phisix Weekly Chart

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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.