Philippine Stock Market Commentary for January 21, 2010
The upward wedge of the DJIA has closed entering the index to a bearish trend with support at the 10,000 level. Though indicators look oversold and stochastics are indicating an upcoming rally, further correction is seen. A clear buying window has not revealed itself for another significant rally to ensue. Meanwhile, support for the Phisix is still seen at 3,000, and like the DJIA, a correction is also needed. We maintain our HOLD recommendation on any buying.