Sunday, July 11, 2010

PSEi Weekend Wrap-Up - July 11, 2010

The Philippine Stock Exchange Index was pushed higher last week as the US markets rebounded from the 5% decline 2 weeks ago. During my last post on the PSEi (kindly check here), its chart has been setting up to fully break above the 3,333.26 resistance and during last Thursday's trading session, it was able to. The value could now be headed to the ascending channel's resistance. If it moves past above that, the next resistance it could encounter is 3,514.74. In case this index downturns, the uptrend could serve as the major support. Once the value further slides and drops below the uptrend, the next marker could be the ascending channel's support. It is clearly seen that the uptrend remains intact in the chart shown. As long as the Philippine Stock Exchange Index continues to move this way, it could keep on edging higher.

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