PSEi: The Week Ahead, September 22

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How did the Philippine Stock Exchange Index (symbol: PSEi) fare this week? Despite the abbreviated week (due to heavy rains brought on by Tropical Storm Mario), the PSE Index passed the acid test we mentioned last week.

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Philippine Stock Exchange index_PSEi Daily chart, September 18, 2014

PSEi Daily chart, September 18, 2014

September 18 (Thursday) became the last trading day of the week, as Friday’s trading has been suspended due to heavy rains and widespread flooding which reminded of Typhoon Ondoy’s wrath many years ago.

Thursday’s trading activity ended with 85 advancers, 82 decliners, with 56 unchanged. The PSEi closed that day at 7,287.29.

Key Areas List

The Key Areas list has been modified very slightly to reflect recent price action.

Key areas to watch:
Resistance: 7,400, 7,500
Support: 7,200, 7,000, 6,800

Reference charts:

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The Script

Do you remember the question I posted last week? The benchmark Philippine Stock Exchange Index passed the acid test at 7,200 and bulls defended that level well on the first attack. Will we see another bear attack on 7,200 in the remaining trading days of September? We’ll see; it won’t be too long now.

We can now see a (slightly imperfect) ascending trendline that helps support the bull’s case.

PSEi bulls should continue to press for a ceiling break to further the bull pressure and get access to new price highs.

Bulls clearly won this week, but you should monitor both sides of price to avoid any surprises before September closes. Always protect your portfolio.

Where do you think the 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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