The Philippine Stock Exchange Index (symbol: PSEi) remained in solid footing this week, reaching another fresh high before Chinese New Year.
The PSE index closed the week on a new high that is not far from the new record high of 7,840.39 hit on Wednesday, a day before Chinese New Year. Out of 224 issues traded, there were 90 winners, 83 losers, and 51 issues unchanged. The total value turnover on Friday was P6.68 billion.
Key Areas List
The Key Areas list of the PSE index has remained almost the same.
Key areas to watch:
Resistance: 8,000, 8,500, 9,000
Support: 7,700, 7,400-7,500, 6,800-7,000
New reference chart: http://www.tradingphoenix.net/2015/01/05/psei-in-2015-the-year-ahead/
The index has kept the positive momentum largely intact even as the month of February is now drawing to a close.
Since we did not see significant declines this month, the risk is for a surprise decline by month-end (and worse a bearish monthly close for February), or a bearish March.
On the other hand, if the month closes above 7,700-7,750, then we could have a strong ground support for future upside movement in the next few months.
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