The second full trading week of the year ended up with little progress. Looking at the bright side, price was able to recover from the 5,842.88 low which was reached last January 10. Moreover, the index was able to take a peek through the 6,000 level for the first time in over two weeks (weekly high was 6,008.22).
This week, buyers should follow through and conquer the 6,000 level. More participation is expected as majority of investors are back from their holidays.
Craft and finalize your plan for 2014 (be open to amendments along the way) and pick your stocks very well.
Key areas to watch:
Resistance: 6,000, 6,300
Support: 5,800, 5,700, 5,562 (2013 low)
Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/