The Philippine Stock Exchange Index (symbol: PSEi) traded in an abbreviated week as Typhoon Glenda (international name: Rammasun) ravaged the Philippines and caused serious repercussions which have been felt for most of the week. (The Trading Phoenix team and I have been affected as well. Hope you all are back on your feet. Let’s dust it off, learn from experience, and move forward!)
The Index posted only one positive day out of the 4 trading days this week. This gave PSEi its second consecutive weekly decline.
Key Areas List
The Key Areas list has been updated but the index remains confined within the key areas.
Key areas to watch:
Resistance: 7,000, 7,200-7,400
Support: 6,800, 6,600-6,700
Reference chart: http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/
I mentioned my ideal scenario last week but I also aired my concern that bears could just be warming up. It now appears that they indeed have just warmed up and could be setting up a good fight in the remaining days of July. Bulls really need to be on a defensive mode, especially since 6,900 has been breached easily. 6,800 must hold throughout July if increased bear pressure is preventing a move back above 6,900.
Where do you think the index will head to this coming week? Share your thoughts below!