The Philippine Stock Exchange Index (PSEi) is currently consolidating on a Right Angled Ascending Broadening Wedge Pattern. Right-Angled Ascending Broadening Wedge Pattern is a megaphone tilted up with the bottom horizontal. The bottom trendline is horizontal, the top one slopes upward. At least five touches total, three peaks or three valleys should touch the associated trend line with two or more touches of the other trendline. Generally, this pattern acts for a reversal of the prevailing price trend.
Resistance levels are at 7736, 7795 and 7917.
Support levels are at 7617 and 7525.
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