PSEi: The Week Ahead, Feb.2

FacebookPinterestPrintEmailShare this!

The fourth trading week of the year saw bears kick the index back down to the critical level at 6,000 a few days after price attempted to hit 6,200.

We are now seeing an ascending trendline form and it intersects the 6,000 level. Bulls must defend this area from serious bear attacks and they should stay ultra-defensive in the next few weeks.

With price now back close to 6,000, bulls and bears have somewhat equal opportunity to set the pace for February.

Do you think there is a chance that the index will just consolidate throughout this month?

Key areas to watch:
Resistance: 6,200-6,300, 6,500
Support: 6,000, 5,800

Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/

PSE Daily chart_January 30

PSE Daily chart_January 30

 

3 Comments

  1. That’s a very good take on PSEi. Simple, pero rock. Thanks, TP!

    • Not much action on the PSE Index as it is back at this year’s opening levels. Watch that 6,000 level.

      You’re right, simplicity is good! :)

      • Indeed! As a novice trader, I tend to complicate things. But when I looked at your chart re: the PSEi, I realized keeping things simple is the way to go. Thanks, TP. Keep it up!

Submit a Comment

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

X

Forgot Password?

Join Us