We have seen more of the same thing, but the Philippine Stock Exchange Index (symbol: PSEi) has set another milestone this week, advancing just enough to reach its highest level since June 3, 2013.
The PSEi reached the high at 6,906.63 but somehow hit a snag and closed the week 0.43 percent lower, snatching its second weekly decline in the last 7 weeks.
The script remains the same as the bullish picture has remained unblemished so far. Sellers are expected to keep the pressure high throughout May and buyers have the responsibility of keeping control of the 6,800 level and preventing moves toward 6,600.
The Key Areas list remain the same since the PSE index is still trading within the major areas of concern, just like last week.
Key areas to watch:
Resistance: 7,000, 7,200-7,400
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!