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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On Friday, October 3
Key Areas List
The Key Areas list of the PSE index is unchanged.
Key areas to watch:
Support: 7,200, 7,000
PSE Index Reference charts:
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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.
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