Wow, for the 6th-straight day, PSEi did another long black candle closing at 4,076.68, down by 67 points or -1.63%, and approaching the psychological resistance at 4,000. This makes the index very susceptible to a technical bounce. Early on during today’s trading, a lot of investors are panicking, selling across the board and at one point almost losing as much as 100 points.
But towards the close of this session, the stock market appears to recover, as some investors are starting to bottom feed, as at this point, the market should be really ripe for a technical rebound or rally. Let’s just hope that it’s not a “dead cat bounce” type of rally.
Still, I expect that the Philippine market may at least continue to consolidate for the remaining of November, before attempting a new bullish push towards the close of the year, provided of course that the PSEi doesn’t fall below the 3,900-3,800 levels.
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