Archive for September, 2010
Gold Daily Chart
Hello friends,
Last Aug 4-5 i sent email about gold target;
Gold Traget
So far we have gold bottoming last week (wednesday to be exact, my personal bet was friday. after the fact i can now clearly see where should i put that trendline). Now for the bullish scenario. I can see the 1292 target winking but i need to see gold pierced convincingly the 1188 level. premature to say yet but im fixing my eyes on the aug 25-27 dates for that matter. Again, i set 3 days because of trendline’s positioning. caveat.
the timing was wrong, as gold hits 1292 only last sept22. i’m attaching an updated chart for your perusal as i see gold to correct as much as low 1200, my bias. BUT in the event it will not correct, there’s this RSI (relative strength index) level im watching that may send GOLD surge more (spike up to 1350). while im bias on a short term correction, im being watchful on that rsi. caveat
Godbless all.
PSEI 3-day spike is dangerous
For the last 3 trading days of this week, foreign buyers placed their bets by buying up big blues on a 3-minute pre closing window. This they done by ordering huge buys aggressively. I don’t know what they are trying to do with the market, but the 3-day 3-minute pre closing frenzy that send the psei to record high at today’s close of 3,902 is dangerous. Infact, it is very very dangerous. dangerous or not, those who have played it safe by taking profit already were all smiles.
Foreign funds are toying with our market. they can easily push it up in a jiffy. but technically, here’s my concern.
PSEI Vbottom complete: today’s spike up to 3,902 have validated the pattern’s completion. what’s next for the philippine market? A 300-pt correction back to 3,600 level is still consider healthy, (but) breaking 3,600 and its gonna be ugly and it’s gonna be wild.
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