For the 3rd-straight day, the main index PSEi registered a new high by rising 15.44 points or 0.35%, to close at 4,397.30. As the index continues to explore uncharted regions, one could ask: “Is it time to sell?”
Well, if you look at the charts, the PSEi chart continues to look good, as the MACD is poised once again to perform a bullish upward cross over the signal line, which could mean a renewed bullish push. RSI also shows a strong signal of momentum, as it continue to remain in an overbought position for a period of time already.
Still, if you observed at the market activity and momentarily drop the charts, the Decliners are just about equal with the Advancers, with a huge chunk of issues remaining unchanged. This could mean that the market is nearing exhaustion.
Still, the session earlier today showed a strong spike from SECB, or Security Bank, going as high as 96.00, before closing at 92.8. While I may advise readers to stay away from this stock for now, as it closed much lower from its day-high, it would be interesting to know what will happen to this stock tomorrow.
Cebu Pacific (CEB) finally managed to somewhat rebound, closing at 122.40. But I guess at this point it would just be a case of sell on strength.
Now, will you take your profits or cut your loss? That is for you to answer hehe.
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