The bears of the Philippine Stock Exchange Index (symbol: PSEi) continued to set the pace on the second full week of October.
The PSE index tanked pretty hard on Monday, followed by a weak upside bounce until Friday. The week closed with a 2.8 percent loss at 7,003.22. Gainers outpaced decliners, 94 to 88, while 39 issues did not move.
Key Areas List
The Key Areas list of the PSE index is similar to last week’s list.
Key areas to watch:
Resistance: 7,200, 7,400-7,500
Support: 7,000, 6,800-6,900
PSE Index Reference charts:
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The decline set on Monday posed a serious risk at the 7,000 major psychological level. Buyers are barely hanging on to that level at this point. However, they must not lose sight of the goal (kindly review the Mid-Year Analysis); that is, defending the 7,000 level throughout the remaining months of this year.
It is easy to say that bulls must not give away the PSEi’s 7,000 level very easily. That would be difficult to do because there are two weeks to go before October closes! Stay defensive!
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