The Philippine Stock Exchange Index (symbol: PSEi) made a strong comeback this week after posting its first weekly decline (for June) last week.
The 52-point drop (0.73 percent decline) on Friday only made a small dent on the 1.65 percent weekly gain (on the back of 4 straight days of advances) seen on the PSE index.
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/
Battle of 6,800: Final Siege on June 30?
My conviction has been to see a weekly and monthly close above 6,800. We did get that desired weekly close (which improved the bullish tone further), but we still have a day left before June closes its curtain.
With the 6,800 critical support level serving as backdrop, bulls must not relent — they should continue pounding on the resistance area around 6,900 on June 30 and throughout the coming week. Anything can happen on June 30, so bulls should stay strong and keep the 6,800 level intact. A monthly victory is just a day away!
Where do you think the index will head to this coming week? Share your thoughts below!