Tentative view on Psei index. Our Philippine index is trying to tell us something with the pattern development. Although the index is still in the process of completing the potential head and shoulder or bearish megaphone with partial rise. Charts are painting a very bearish picture in convergence with the foreign sell off. Also note that the prices are becoming very volatile, either up a hundred points the next day, and then down for some consecutive days. Our stance is to be cautious and prepare for some bearish reversal. Note also that level 7000 is a strong psychological resistance. It can be an opportunity to sell for others who wants to trim their exposure to equities.
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