The Philippine Stock Exchange Index (symbol: PSEi) came back with a full-week session after the Holy Week celebration, and the index continues to display and preserve the overall bullish picture for the entire month of April.
It was all about gaps this week as buyers and sellers exchanged gapping attacks, ending with a marginal win for sellers — a weekly close of -0.22 percent. The index closed down after reaching a new high at 6,815.26 on Tuesday.
With 6,800 easily reached, I would now focus my attention on price action around 6,600 and 7,000, keeping in mind the ascending channel is still intact.
This week, the PSE index has respected the mentioned levels below, so I have only made a few changes to the Key Areas list.
Key areas to watch:
Resistance: 6,700-6,800, 7,000
Support: 6,300-6,400, 6,500-6,600
Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/
Where do you think is the index headed to this week? Share your comments below!