Buyers took home the bacon for a second week as the Philippine Stock Exchange Index (symbol: PSEi) moved past the 6,900 border with relative ease this week.
The 0.91 percent gain on Friday contributed to PSEi’s 1.76 percent weekly advance to new 1-year highs.
Positive June close: secured
Despite a (very marginal) red-day closing on June 30, the month of June ended strong and well above our line in the sand at 6,800. This gave us the desired positive weekly and monthly close we’ve been expecting for quite some time.
Key Areas List
The Key Areas list remains almost the same but the PSE index is now closing in on the resistance levels.
Key areas to watch:
Resistance: 7,000, 7,200-7,400
Support: 6,800, 6,500-6,600
This second week of July, I would like to see bulls fortify their twin support camps at 6,800 and 6,900 and keep marching toward the 7,000 level. They should remain careful while aiming for another positive month!
Where do you think the index will head to this coming week? Share your thoughts below!
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