PSEI September 2016

The AuGhost (pun intended :D) effect continues as investors await the US jobs data. As shown below, the foreign selling increased for the days.

source: bookAKA

Here’s the market status at the start of September.

  • The market was able to hold 7600 support
  • Imminent reversal of the downtrend or bounce as shown be the following signals
    • Price – bounced at fibo 78.6% support level
    • Candle – Dragonfly doji – possible reversal
    • RSI – approaching oversold level
    • Stoch – bullish divergence
  • Only of the indicators in the chart has shown a bearish signal
    • ADX/DMI – downtred, bearish


This post will be updated weekly.


Update September 08:

The index pierced the support with above average volume yesterday. Could the green candle today be an attempt to keep the index afloat? The pattern now looks like a double top now that the index has breached the critical support at ~7600.

Price – broke thu the fibo 78.6% (also 100MA) support level
RSI – approaching oversold level. No signs of bullish divergence
Stoch – oversold
ADX/DMI – downtred



Update September 19:

Index is now below the 100MA while the 20MA is about to cross below the 100MA. It is struggling to break above the 100MA line.

ADX/DMI – downtred



Update September 30:

Finally! We have a net foreign buying after more than a month.


-Overall sentiment is still bearish.
-Index is still below 100MA
-50MA is about to cross 100MA



Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s