The Philippine Stock Exchange Index (symbol: PSEi), surprisingly, did not experience a bear attack this week, and this enabled the Index to eke out a marginal gain of 0.53 percent with a close at 6,889.55. We saw a pretty even buying and selling activity on Friday: 78 winners, 84 losers, and 64 stocks were unchanged.
Key Areas List
The Key Areas list has stayed unchanged as 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/
Bulls were lucky that bears have seemingly gone back to their caves this week. However, bulls fell short of creating a decisive close above the 6,900 level. This coming week, the ideal weekly and monthly close is above 6,900 (or better yet, above 7,000!). Don’t forget we’ll welcome the “Aughost” month this coming Friday. Bulls should seize the opportunity: they must maintain their defensive mode, while doubling their offensive efforts to attain the ideal price closes.
Where do you think the index will head to this coming week? Share your thoughts below!