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Philippines Stock Exchange PSEi Index Potential sign of exhaustion today after a gap down towards the major support area where a Bullish Hammer candlestick pattern formed up. If this bullish candlestick pattern morph into a Morning Star pattern, it can potentially signal the bottom and a reversal or consolidation may follow. *Bullish divergence pattern also continues to unfold. Trading Plan - Please see the previous PSEi price action update as the medium to long term position trade potential remains the same: https://psetrends.blogspot.com/2018/06/psei-price-action-update.html

Philippines Stock Exchange PSEi Index After 3 months of downtrend price action, PSEi started showing signs of Bullish Divergence pattern on many technical indicators (around first week of May). The breakout from its 3 months downtrend line and into the 4th month of another pullback (a sort of Dead-Cat-Bounce or DCB), Bullish Divergence pattern continues to unfold. - Bullish Divergence pattern as price action gets closer to the major support area around 7400 is a potential sign that it's closer to the bottom if not the bottom yet. - If the price action starts to consolidate around the major support area, it will likely confirm the Bullish Divergence pattern and signal the bottom. *See previous PSEi chart analysis here: https://psetrends.blogspot.com/search/label/PSEi Trading Plan - For medium to long term position trade, accumulation of key stocks (or index fund) near or below 7400 should give a good risk-to-reward ratio moving forward.