Friday the 13th? No problem!
The Philippine Stock Exchange Index (symbol: PSEi) clinched its second consecutive weekly gain (albeit marginal; 0.33%) despite the daily losses seen on Wednesday and Friday.
[ Happy Father’s Day to all dads out there! All of you rock! ]
We saw an abbreviated week thanks to the Independence Day celebration on Thursday. Will this holiday herald the break of the 7,000 level — or the 6,600 — in the coming week(s)?
Bulls have kept the upside pressure constant, but they need to do much more in the coming weeks. Ideally, the PSEi will close above the 6,800 level in the remaining weeks of June, thereby improving the bullish tone of the index.
Keep your eyes glued on 6,600, 6,800, and 7,000.
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!