PSEi: The Week Ahead, September 1

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The Philippine Stock Exchange Index (symbol: PSEi) ended August on a strong footing above the all-important 7,000 level.

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Philippine Stock Exchange index_PSEi Daily chart, August 29, 2014

PSEi Daily chart, August 29, 2014

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

Reference charts:

http://www.tradingphoenix.net/2013/12/30/psei-the-year-ahead/

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The Script

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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