The Philippine Stock Exchange Index (symbol: PSEi) closed the month of April at 6,707.91, up by 0.34 percent from last week’s close and 4.34 percent from March’s close.
The chart remains the same as the previous ones since the bulls were able to preserve the bullish picture for April.
The next task for them is continue the exertion of pressure this May and create a higher high (somewhere around 6,850-6,900) in the next 2 weeks.
Sideways trading is probable too, and they should try to avoid it from happening. 6,600 and the lower channel remain at risk this May – bulls should keep that in mind and try to form a strong support close to 6,700.
The Key Areas list has not changed much since the PSE index has not ventured into unexpected territory.
Key areas to watch:
Resistance: 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 the index is headed to this week? Share your thoughts below!