The first full trading week has past and yet the Philippine Stock Exchange Index (symbol: PSEi) moved in a very tight range and failed to even touch 6,000 for six straight days! The tight range was unsustainable and gave way to the downside on Friday. This move pulled the index down to reach a weekly low and close of 5,842.88.
Are investors still on vacation? 😀
I still want to see more bulls participate here. More downside may come if they will not push through the 6,000 psychological level in the next week or so.
Keep an eye on the supports.
Key areas to watch:
Support: 5,700, 5,562 (2013 low), 5,500