The Philippine Stock Exchange Index (symbol: PSEi) ended the week on a very positive note despite trading for only four days.
On Friday, winners outpaced losers (83 vs 79) with a gain of 36.60 points or 0.52 percent. The winners helped push the PSE Index to a high of 7,141.17. The Index earned its fifth consecutive bullish weekly close this week.
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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Somehow, the PSE Index has done quite well during this “ghost month” of August. Looking at the recent price action, you would easily think that bulls have complete control of the market. However, let’s not forget that August is not yet over — we still have four days left!
It won’t hurt if I temper my optimism and stay cautious until Friday. I would prefer a weekly and monthly close above the all-important 7,000 level.
On the positive side, a continuation of the current bullish momentum could help propel the index to new all-time highs before the year ends. We’ll definitely discuss that once — and if — the index gets near 7,400.
Always keep your eyes open to possibilities, both upside and downside, and plan accordingly.
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Where do you think the index will head to this coming week? Share your thoughts below!