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Market Outlook: First Metro Securities

12 Jan

BY FIRST METRO SECURITIES

Opinion Issued on Support Resistance
Jan 12 2015 7300 / 7200 7500 / 7600

 

First Metro SecuritiesThe PSEi traded higher during all 5 sessions last week and closed above its resistance, and at a new record at 7,402.72.

The breakout, which was also supported by a cross of the MACD above the zero line, indicates that the index has reversed into an uptrend and could trade to a measured move target of 7,900.

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However, a breather may still be due, after gaining for 10 straight sessions.

Psychological resistances may be placed near whole numbers such as 7,500 & 7,600.

 

Recommendation

Trades who are long, may hold on to positions and look to take profits on a pullback from its psychological resistances from 7,500 to 7,600.

Those looking to buy, on the other hand, may wait for a dip, followed by a successful test of support (via bounce in the form of a higher-low).

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Posted by on January 12, 2015 in Market Outlook, Stock Market

 

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