PSEi: The Week Ahead, October 5

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The Philippine Stock Exchange Index (symbol: PSEi) ended September and the week on a positive note, projecting optimism with a dash of caution for the last quarter of the year.


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Philippine Stock Exchange index_PSEi Daily chart, October 3, 2014

PSEi Daily chart, October 3, 2014

On Friday, October 3, 2014, the PSEi ended the week 0.71% higher to close at 7,247.03. On a weekly basis, the PSE index slipped 0.20% and saw its first consecutive bearish weekly close since July.

Key Areas List

The Key Areas list of the PSE index is unchanged.

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

PSE Index Reference charts:

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

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The Script

The month of September ended on another positive note, giving the PSE index its fourth straight bullish monthly close and favoring the script laid out last week.

As seen on the chart above, we can see a clear break of the ascending trendline and test of the important 7,200 level. Given the price action we’ve seen on Thursday, I honestly thought the week would end much weaker. Luckily, that level held and the week closed only slightly in the red. That gave us a positive close for the week and September.

I would want to see further cooperation from bulls throughout this new month. Having said that, I would also air some serious caution as 7,000-7,200 remains a real possibility this October.

TP’s Advice: Be/Stay defensive and I hope you have pocketed some or most gains already from recent rallies.

By the way, Premium Subscribers can expect PSEi mid-week updates starting this week, especially if I see something you need to be vigilant about.

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!

2 Comments

  1. ber months = bear months?

  2. @ElsaBen,

    It is probably just a coincidence, who knows. :) We are barely halfway through October, so we’ll see.

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