The Philippine Stock Exchange Index (symbol: PSEi) had a fairly volatile week since Monday, following nearly two weeks of consolidation between 6,800 and 6,900.
The index breached the 7,000 level on Monday, only to decline back down for the rest of the week. Unlike the previous Friday, price action seen on August 8 proved that sellers remain a threat to higher prices. The PSE Index is down 0.20 percent compared to the previous weekly close, even though the index closed Friday nearly 7 points higher than the weekly open.
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
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The 6,900 level failed to hold for another week. I’ll continue to look for a weekly close above 6,900, the level I view as the short-term line in the sand.
Buyers must keep the upside pressure strong: the initial goal of a break and close above 6,900-7,000 will remain for the entire month.
Where do you think the index will head to this coming week? Share your thoughts below!