Wednesday, November 14, 2007

PSEi - rally!

PSEi = 3681.62 (2.3%)

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PSEi formed a gap up long white candle to close a previous gap down and to signal a start of a rally.

Despite sad news from the bomb blast that killed a congressman and several others, the market surged upwards probably taking its cue from the rally seen in the US markets.

PSEi now seen to test resistance levels.

It is interesting to note that PSEi bounced near the level of the 130 and 65MA and near the 38.2% Fibonacci retracement. We might see PSEi try to test the 32MA.

Support: 130 and 65MA
Resistance: 32MA

Good luck to all traders!
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