After making a recent high, PSEi has corrected from and respected the level of 2490.  At the same time, it covered a gap made on June 25.  Although that sounds bad at first, the intraday performance was quite resilient as it closed higher than the close and it was near the high.

So what are we expecting now after the recent performance?  This could now go sideways for the moment before a breakout happens if ever.

The moving averages are turning bullish but it’s not yet in the ideal positions.  We have to give this some more time.

The MACD is still in correction mode, so maybe we could expect the PSEi to drop a little further.  However, I don’t think that this will drop any further than 2352.

Looks like we’ll have to ride out this new correction for the moment.

Recommendation: Stay liquid
Resistance: 2490