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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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:
Support: 7,200, 7,000
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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.
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