The Philippine Stock Exchange Index (symbol: PSEi) ended the month of February with a strong finish, posting three consecutive weekly gains and ending the month above the 6,400 level.
Compared to the previous week, the PSE Index closed 1.85 percent higher this week at 6,424.99, following the bullish script outlined here, so far.
For this brand new week and throughout the month of March, I would be looking for the index to post a decent follow-through advance. At the same time, I expect consolidations with bullish undertones.
The same price areas need to be monitored, with a near-term spotlight on 6,400-6,500.
I hope a good part of your “planting activities” are now over. The waiting game is here, and harvest time is probably a few months (and could even be years – depending on your targets) away. The ball is in the court of buyers and we just need to monitor how long their control lasts.
Key areas to watch:
Support: 6,000, 6,200-6,300
Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/