Like clockwork, the PSEi had retested the resistance of the triangle and seems poised to continue the consolidation.

It seems that more consolidation is in store for the market before it will be able to decide which direction it wants to take.  For everyone’s sake, hopefully it goes up after the consolidation is over.

The MACD is indicating that the index is still rallying.  What we want to see is that this momentum spills over to the bullish side to push the PSEi to higher levels.

But to be prudent about it, we should wait for the breakout to happen first before plunging back into the market.

Recommendation: Wait and see
Resistance: 1926