As expected in the shortened first trading week of the year, the Philippine Stock Exchange Index (symbol: PSEi) traded quietly below the 6,000 level. The year started with a gap-up followed by a gap fill on Friday (January 3).
In general, buyers are in control as they manifest their cheerful holiday mood based on the latest price action. I would like to see more participation from the bulls: they should push prices higher and attempt to break through the 6,000 psychological level in the next week or so.
Key areas to watch:
Resistance: 6,000, 6300-6,400
Support: 5,700, 5,562 (2013 low), 5,500
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