This week, the Philippine Stock Exchange Index (symbol: PSEi) snapped up its first gain in four weeks, keeping the 6,600 level completely intact. The PSE index rose considerably in the first two days, and this helped it close the week 1.73 percent higher.
Recent price action proved the 6,800 level is very sticky and bulls are keeping the upside pressure constant. Bulls also made an impressive defense of the 6,600 level on Monday. Does that mean the 7,000 level is still in the cards? Judging by the current price action, I still think it is.
Continue keeping an eye on 6,600 and 6,800. Watch out for another possible attack(s) on 6,600 throughout June.
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 will head to this coming week? Share your thoughts below!