PSEi - hammer?

By -


Your Ad Here
PSEi = 3599.49 (-0.5%)

PSEi formed what seems to be a hammer, but can also look like a doji candle. There is a uncertainty in heading down which can be measured by the difference between the open and the low of the trading day - graphically it is the bottom wick of the candle. If this is a reversal pattern we will likely have a higher low and higher high this coming trading day. This might be a start of a rally to find the resistance of the downtrend.

PSEi is getting neat the 38.2% Fibonacci retracement level. If PSEi bounces from this level it can be considered as a healthy retracement of the previous uptrend.

DJIA was bullish with last nights trading, gaining 2.46%. It might also be the start of their rally to find the resistance of the downtrend. This can be considered as a bullish sign.

A bomb blast that injured several congressmen and killed at least one person was the focus of the news last night. This can be considered as a bearish sign.

With this mixed situation hanging over the market, it will be interesting to find out how the market will react. One thing is for certain the chart will reflect everything and as the tenet of technicians reiterates: Price discounts everything!

Good luck to all traders!

Support: 3539, 130 and 65MA
Resistance: 3667-3692 (previous gap down), 32MA
Western Union.Mac (Apple Computer, Inc.)Iomega CorporationFujitsu Computer Systems CorporationLinkShare Referral Prg

Comments

Post a Comment

Popular posts from this blog

EDC - found trough and possible new support level to form steep demand line

By -
Image
EDC 7.3 ( 1.4% ) EDC formed a trough at 6.9, which might be a new support level, to form a steep demand line Resistance: 7.8 Support: 7/6.9 Good luck to all EDC traders! PNOC-EDC potential bidders down to 16 10/11/2007 source: Technistock The number of potential bidders for the government's remaining 60-percent stake in PNOC Energy Development Corp. has gone down to 16 from the 24 that had submitted letters of interest. PNOC president Antonio Cailao said the 16 entities were those that met the Oct. 5 deadline for the submission of the initial pre-qualification requirements and passed the first screening process. The list of the pre-qualified bidders should have been released Wednesday, but Cailao said the PNOC Privatization Committee had decided to give the 16 entities a few more days to submit additional minor requirements. "Of the initial 24, eight have fallen off so we now have 16 potential bidders. But this number could still go down by the time the Privacom finishes its r...
Read more

Daily Notes

By -
Image
Daily Notes Top Losers: BDO, lower low, currently at overbought levels (RSI = 85.7, highest for the past year) JGS RCB MWC, most active list ALI, most active list Stock Watch AT higher high, resistance at MA130 (4.9), intraday 4.45 (highest in the past 3mos.)
Read more

BSP eyes measures to curb peso climb

By -
Buy more Philippine Pesos??? BSP eyes measures to curb peso climb By   Doris C. Dumlao ,  Michelle V. Remo Philippine Daily Inquirer The Bangko Sentral ng Pilipinas said 2013 could be a challenging year as far as preventing an even steeper appreciation of the peso was concerned, noting that a potential investment grade credit-rating for the country could drive more foreign portfolio investments. Admitting it was actively buying dollars from the market in 2012 to temper what could have been a sharper appreciation of the local currency, the BSP said it expected the need for more action to keep the peso as less volatile as possible next year. “Capital flows from a [potential] credit-rating upgrade will provide more challenge in terms of keeping the peso relatively stable and minimizing its volatility,” BSP Deputy Governor Diwa Guinigundo told reporters Friday. In 2012, the peso appreciated against the dollar by more than 6 percent partly on account of signific...
Read more