The Philippine Stock Exchange Index (symbol: PSEi) made a decent comeback and rose 1.71 percent this week, after experiencing a decline through the critical 6,000 level in the previous week.
Buyers outmaneuvered sellers and kept control of the 6,000 level. The former pushed price through 6,100 and closed the week at 6,113.66. Subdued activity was seen on Thursday and Friday, most likely because investors were out for Valentines Day. We could see pickup in activity in the second half of February.
As long as price is below 6,200-6,300, the 6,000 level will always be at risk. Can the bulls keep it up? 😉
Key areas to watch:
Resistance: 6,200-6300, 6,500
Support: 6,000, 5,700-5,800
Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/