The market bounced from the 2-year uptrend line(1) which I believe the major uptrend line. RSI needs to form a higher low to indicate the strength/bullishness of the trend.
Looking at the PSEi weekly chart:
As we can see, the crossing of the faster line below the slower line(MACD - red cirlce) indicates that the recent decline in the daily chart is simply a correction and RSI is still normal - meaning no bearish divergences or what so ever is visible on the chart as of this moment.
We can conclude from this that the uptrend is still intact - for the mean time- up until the current uptrend line is broken.
AP. AP. What can I say? Nothing much as it is simply heading up after our foreign friends started to gobble up alot of shares in the market and I highly doubt that they would let the price fall below their entry.
AP gained a nice 7.51% today and the most active stock today while AGI is the second runner up.
Technically speaking, I have a screaming take profits signal for tomorrow for short term trading. As of now, I am trading AP for intermediate term already. My personal target of P35 has been already reached and breached so I am simply letting my profits run and go wild now.
AGI is looking to break out from its ascending triangle chart pattern pointing at 15.24 as a possible target although I think that my system will generate a take profit signal within 2 days but our foreign friends has also gobbled up a lot of this stock so let's see what's going to happen.
No short term trades for me as of the moment as I am trying to lessen the stress when trading.
Current position:
Within 28 trading days.
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