The Philippine Stock Exchange Index (symbol: PSEi) projects a rosy outlook for January as it traded to a new record high.
The PSE index breached the 7,500 level for the first time on Wednesday and hit a record high of 7,530.41.
The PSE index ended Wednesday, at 7,490.88, with a gain of 91.88 points (1.24%). There were 97 winners, 87 losers, and 47 issues unchanged.
Key Areas List
The Key Areas list of the PSE index comes from the Yearly analysis.
Key areas to watch:
Resistance: 7,400-7,500 (short-term), 8,000-9,000
Support: 6,800-7,000, 6,500
New reference chart: http://www.tradingphoenix.net/2015/01/05/psei-in-2015-the-year-ahead/
January is looking good so far as the PSE index has taken on the 7,500 level (see Script in the “Year Ahead” analysis above). We could see more initiatives to make headway through 7,500 before January ends.
I like what I’m seeing, and I am sure you do. But, let’s not get ahead of ourselves. We want a solid foundation around 7,000 to 7,500, rather than a fast but weak push through 7,500-8,000. The sooner the bulls realize this, the better for all of us.
It would be interesting to see how the index will perform in the first quarter. Be alert and trade what you see.
Where do you think the index will head to this coming week? Share your thoughts below and Like our Facebook page as well!