PSEi: The Week Ahead, September 29

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The Philippine Stock Exchange Index (symbol: PSEi) reached a new all-time high this week, opening up the potential for a move to new territories.

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Philippine Stock Exchange index_PSEi Daily chart, September 26, 2014

PSEi Daily chart, September 26, 2014

On Friday, September 26, 2014, the PSEi closed the week at 7,261.30 or down by 32.91 points — equivalent to a minor 0.45 percent decline.

Key Areas List

I have modified the Key Areas list slightly as the PSE index continues to stay above the 7,200 level.

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

Reference charts:

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The Script

Following the script mentioned in my last post, the index happily obliged and reached a new all-time high this week, following the previous week’s highest weekly close ever recorded. These are all good news; however, before bulls rejoice, they must continue keeping a lid at the 7,200 level.

September ain’t over yet; bears can still manage a move through 7,200 which would reduce all the positive efforts laid out during this month.

I would prefer a September monthly close and another weekly close above 7,200 — above 7,300, if possible.

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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