The battle rages on. And the bears are owning it.
As expected, the PSEi continued its descent losing more than 100 points in today’s close. But consider this rather a sign of life, if you may call it that, as the index was down almost 140 points at one point.
A lot of stocks have already reached oversold conditions at least for the short-term. Among these are SECB and NIKL (on a 5-day losing streak).
Place some bets on SECB today. I am expecting a rebound tomorrow from huge consecutive losses from yesterday and today.
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US markets are slightly in the green as of this writing (few hours into trading). Should this keep up, it should help to make possible a rally in our market tomorrow.
>> God is good all the time 🙂