The Philippine Stock Exchange Index (symbol: PSEi) has made a marginal decline this week. Are we now seeing the resurgence of bears?
Key Areas List
Last week’s Key Areas list will still be 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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The benchmark Philippine Stock Exchange Index lost a marginal 0.18 points on Friday and closed at 7,201.88, its fourth bearish daily close of the week. Although the PSE index declined 0.85 percent week-on-week, we should note that this is the sixth highest weekly close of all time.
If this mini-bearish trend continues, we could see the anticipated attempted test of the 7,000 level this week. Whatever happens, we’ likely see how strong the support at PSEi’s 7,200 is in the next two weeks.
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