Technical indicators scored six out of a total possible score of 15 bullish indicators, versus eight in the prior week, enough for the total category to turn bearish.
A trader using technical analysis tools usually ignores fundamental news and instead bases investment decisions on
technical indicators, how fast a market is rising or declining, is it trending, heading sideways, ranging, retracing and so on.
Last week effectively put an end to this idea as fundamentals were again totally ignored in favour of option-related trading and poor
technical indicators for the majority of the metals.
Papa Securities said
technical indicators were giving out the same signal, with the index correcting on Monday after being confronted with the 7,400 mark.
Thus, both
technical indicators suggest that the index may move down from the current levels.
The new platform offers advanced charting with customisable docking panels and a large library of pre-installed
technical indicators, among other benefits.
“Our potential traders and investors would surely make it easier for them to create their own customized charts and quotes with their chosen
technical indicators.”
In a note to investors, Eagle Equities head of research Chris Mangun said
technical indicators showed the PSEi could fall to 6,800 should the 7,000 level be breached.