PSEi - gap down black candle

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PSEi = 3248.89

PSEi formed another gap down black candle with a shaven top. Volume increasing.

PSEi continued to correct. Most likely due to the pressure made by the fall in the US stock market.

PSEi looking for support

MACD confirms bearishness of the index by moving below the zero line and the fast line moving below the slow line.

RSI also confirms correction or downtrend. A RSI of 31 is the lowest since arriving at the 18.71 on 17 august 2007. I do hope we do not test the support of RSI at 18...

Note RSI is considered oversold when it reaches 30 or 20 depending on how much you can stomach the decline.

Parabolic SAR at 3618. PSEi must reach this level for us to consider that PSEi is trending up or rallying.

Careful traders...
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