The Philippine Stock Exchange Index (symbol: PSEi) snatched its first weekly loss in three weeks. The index had a very bullish start to the week as it gunned for a break of the 7,000 level and hit a high of 7,016.71 on Monday. Selling kept bulls on their toes and the index eventually closed the week with a decline of 0.88 percent. The PSE index attracted a lot of buy-and-sell activity on Friday as depicted by the ultra-high volume (red ellipse).
Key Areas List
The Key Areas list has been updated to reflect the recent price activity in the index.
Key areas to watch:
Resistance: 7,000, 7,200-7,400
The 6,900 level indeed held this week, but bears could just be warming up. Majority of bulls should be on defensive mode all throughout July. They don’t want to let all their effort go to waste!
For the coming week, I would like to see bulls prevent a break of the 6,900 level, while fortifying the secondary support at the 6,800 bull camp.
Where do you think the index will head to this coming week? Share your thoughts below!