The Philippine Stock Exchange Index (symbol: PSEi) had an abbreviated trading session this week as local investors collectively went on a holiday for Holy Week.
Despite this subdued trading activity, PSEi remarkably traded higher, and broke the recent range to reach a high of 6,675.57 on Wednesday (weekly close at 6,671.18).
With the recent range now broken and ascending channel still intact, the next step is for bulls to maintain upside pressure while securing foothold on the support area at 6,500-6,600.
We could see 6,800-7,000 before April ends. It all depends on how bulls perform against short-term headwinds.
The PSE index had a low trading activity this week, and so I have not made any changes to the Key Areas list.
Key areas to watch:
Resistance: 6,700-6,800, 7,000
Support: 6,000, 6,300-6,400, 6,500
Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/