The Philippine Stock Exchange Index (symbol: PSEi) started precariously above the 6,000 level last Monday and it did not take long for it to swoon further downward as the market sentiment remained negative on relatively average trading volume throughout the week.
The 2013 low set last August 28 at 5,562 is now in the horizon and price could revisit this area (depending on yearend volatility) anytime soon.
What is clear is that bulls must regain their control of the 6,000 level; otherwise, the current price action could set a bearish tone for the coming new year.
Key areas to watch:
Resistance: 6,200, 6,000
Support: 5,562 (2013 low), 5,500, 5,000-5,400
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