In 3 days, the PSEi has shed 128.67 points, or 2.71%. for the very short-term traders, I hope you safely got out with your little pot of gold after this early bull run. For the longer-term traders, there are a few technical points of interest for the PSEi.
First of all, the previous high before 4,740.35 was 4,653.49. Today’s close was below that point, a possible early warning from a medium-term point of view.
Just before launching to the 4,740.35 all-time high, the PSEi bounced off its previous low of 4,588.71. We are only 22.97 points above that. The index has not made a lower low since Dec.12. A breakdown may indicate a trend change from up to down, or sideways.
I don’t know about you, but TEL (-4.47%) and MEG (-3.95%) look like they’re done for now. Those reversals were steep and came fast, i hope you’ve avoided the worst. On the other hand, PX (+3.28%) continued to exhibit strength, again pushing new highs.
With a close eye on Europe, I remain out of local equities.