The market will be monitored if it would break through the 6,700-resistance level for this trading week after its strong rally last week, an analyst said.
Diversified Securities Inc. trader Aniceto Pangan in a text message said the market would be observed if it would manage to break its 6,700 resistance level for this trading week. “With the market run-up last week, we may see if it would break the 6,700 level resistance as [the] market is in overbought condition,” Pangan said.
Meanwhile, Pangan noted that any contention on the results of the recently concluded US presidential elections might instigate a market correction.