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.

market-activity-20160901
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

PSEI-20160901

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

psei-20160908

 

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

psei-20160919

 

Update September 30:

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

market-activity-20160930

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

psei-20160930

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