The Philippine Stock Exchange Index (symbol: PSEi) saw the bigger picture prevail and the index slid considerably in the last two trading days of the month of May.
Losing stocks continued to outpace gainers and the index dipped 2.40 percent this week to close at 6,647.65. The index has just printed its first monthly decline in 5 months.
The scenario has become interesting, now that the ascending channel has broken and the bulls finally shaken off their comfort zone.
The battle at 6,600 will test their mettle and this battle could determine if they deserve to reach and breach the 7,000 level. The 6,500-6,600 support zone must never break if they want to finish the first half and the entire year with flying colors. Worst-case scenario or last ditch at 6,400).
The Key Areas list remain the same since the PSE index is still trading within the major areas of concern.
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!