The first week of September is in the books, and the Philippine Stock Exchange Index (symbol: PSEi) has made a strong showing to herald the new month. Will this continue throughout September?
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The index had a fantastic run this week, except for the minor standstill that happened on Thursday.
Week on week, the PSEi advanced 3.02 percent, its best performance since the 1st week of April. On Friday, the index climbed 59.47 points or 0.83% to close at 7,263.58. There were 111 advancers and 67 decliners, a scenario that was a complete opposite of last Friday’s price action (except for stocks that were unchanged).
Key Areas List
Last week’s updated Key Areas list will remain applicable in the next few weeks.
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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August completed the PSEi’s third consecutive bullish monthly close. September is looking promising, so far, as it is already off to a good weekly start.
We have not seen an attempted move back to the 7,000 level yet, but I expect this as a complete possibility given that there is still three full weeks ahead for September. A short-term ascending trendline has formed in favor of the bulls, and it pierces right through 7,100. This area could serve as a secondary support as well.
If the PSE index can build a strong support post around 7,200, much better. I would prefer a gradual move towards the initial attack point at 7,400. What we are after is a solid uptrend, not a quick but flimsy one. 😀
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