The Philippine Stock Exchange Index (symbol: PSEi) struggled during the first half of the week, but was able to recover towards the weekly close.
On Friday (April 24), the PSE index closed at 7,947.25, up by 55.20 points or 0.70%. Friday’s advance was led by industrials and holding firms.
Key Areas List
The Key Areas list of the PSE index hasn’t changed.
Key areas to watch:
Resistance: 8,000, 8,500, 9,000
Support: 7,900, 7,500-7,700, 7,300
New reference chart: http://www.tradingphoenix.net/2015/01/05/psei-in-2015-the-year-ahead/
The index traded below the 8,000 level all week and started with a nervous drop on Monday.
Wednesday’s low failed to breach the weekly low set on Monday at 7,776.71 — that’s a positive sign. From then on, price action went higher to close the week with a marginal positive close.
I would prefer to see consolidation near the current price area, with continuous pressure on the 8,000 level (see two black lines on the chart). I hope it would not take weeks or months before the PSE index touches and breaches 8,000 again.
Just four days left before April closes. 7,800-7,900 area remains critical.
Where do you think the index will head to this coming week? Share your thoughts below and Like our Facebook page as well!