PSEi: The Week Ahead, May 12

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The Philippine Stock Exchange Index (symbol: PSEi) reached a milestone last week as the index closed Friday at 6,847.26 with a high of 6,853.83. These are the best price close and high, respectively, since June 11, 2013.

Philippine Stock Exchange index_PSEi Daily chart, May 9, 2014

PSEi Daily chart, May 9, 2014

The bullish picture is intact. The ascending channel is intact as well. The scenarios mentioned in the previous post are still applicable. Keep an eye on 6,600, 6,800, and 7,000.

The Key Areas list has changed slightly to reflect the price movement of the PSE index.

Key areas to watch:
Resistance: 7,000, 7,200-7,400
Support: 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!

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