Ek-ekperiment

September 19, 2013 at 11:29 am Leave a comment

US fed’s no taper action of QE was market positive. We saw forex activity favoring the majors against the greenback. Weak dollar against the peso augment the positive tone for the index.

Market was up more than 200 pts at the open, filling its gap near 6500. This is the second time the index gap was filled with another gap. The first was when the index recovered coming from 5678 low.

Index now at 6530 and teasing its psycho support at 6500. More technical support peg at 6350. Initial resistance is at 6562 with 6900 acting as a major wall. With today’s market action, the index broke its 50ma at 6386 and its relative strength index went positive and went above the 50 level. It also broke its short term down trendline.

Comparing the psei and gold chart of 2011, our local index is progressing well towards mimicking gold action of 2011, placing psei’s target between 6700 to 6800 this year.

Pullbacks seen to retest technical support at 6350.

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Entry filed under: Phisix's Closet (PSEi).

Reference Chart – PSEi Salvi ang Pagpadayon – Movie Reviews

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