The Philippine Stock Exchange Index (symbol: PSEi) ended August on a strong footing above the all-important 7,000 level.
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Friday’s action saw decliners take the lead from winners (111 vs 67, 44 were unchanged). The PSE Index closed the week down by 49.81 points (or -0.70%) at 7,050.89. On a weekly basis, PSEI closed down by 1.15%, receiving its first bearish weekly close in 6 weeks.
Key Areas List
The Key Areas list has been updated to reflect potential price movements in the next few weeks or months.
Key areas to watch:
Resistance: 7,200-7,400, 7,500, 8,000
Support: 7,000, 6,800, 6,600-6,700
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The PSE Index has gone through an expected decline while carving out a support zone right at the 7,000 psychological level. We did get what we wanted: a weekly and monthly close above 7,000!
Will the index decide on moving toward 7,400? That’s what we’re going to find out this September.
I expect an intense battle between bears and bulls to control the 7,000 level in the coming weeks. It’s a new month so bulls have an opportunity to control the 7,000 level once again.
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