PSEi: The Week Ahead, September 14

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The Philippine Stock Exchange Index (symbol: PSEi) has made a marginal decline this week. Are we now seeing the resurgence of bears?

Philippine Stock Exchange index_PSEi Daily chart, September 12, 2014

PSEi Daily chart, September 12, 2014

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

Reference charts:

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

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The Script

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.

Where do you think the PSE index will head to this coming week? Share your thoughts below! Join over 2,000 followers and Like our Facebook page as well!

 

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