PSEi Still on a High!

Hallo stock traders! It's been more than a week since the main index of the Philippine Stock Exchange (PSEi) has passed above its all-time high of 3,896.74 and if you want to check my post on that last September 9 , kindly click here. Looking at its chart now, we can see  it has moved pass above the 4,000.00 psychological resistance when it still hasn't last week. It was also able to make a new all-time high of 4,125.50 when it hit the 2-year ascending channel's resistance during the previous trading session. If the PSEi decides to further ascend, the immediate resistance could be the 4,125.50 all-time high. If that price mark gets cleared out, the next could be the 2-year ascending channel's resistance. On the downside, in case the index follows a correction, the immediate support could be the 4,000.00 psychological level. If it further drops below that marker, the next support could be 3,896.74.

A few hours ago, the data on the U.S. housing starts surged a better-than-expected 10.5% in August to a seasonally adjusted annual rate of 598,000. This could continue to boost traders confidence and add optimism on the global markets.

Hello PSEi All-time High!!!

Hello beautiful people! Let's get back the to the chart of the Philippine Stock Exchange Index (PSEi). The last time I posted on this was last month (kindly see it here) and back then, the ascending channel was still intact (indicated by the yellow parallel lines). Two weeks ago however, the index cleared out the ascending channel's resistance and surged higher. Then, in just six trading days, it moved past above the 3667.74, 3770.18 and the 3896.74 resistances. I actually just noticed now the PSEi has already doubled its value in less than two years after coming from the bear market. Also, a few minutes ago, the US reported a decline in unemployment claims, from 472k previously to 451k now which brings the US market sentiments towards the positive side. This could be good for the global economy including the Philippine Stock Exchange as the US economy is still a benchmark for the global market.

Technically speaking, what is ahead of the Philippine Stock Exchange Index? Like I mentioned earlier, the PSEi has breached the 3,896.74 resistance (this would still be the all-time high if not for today's bullish session) and could head higher as there are no more resistances left. However, there could still be some selling pressure at the 4,000.00 psychological level which I personally consider a resistance. If that gets taken out, the PSEi could just shoot all the way up again until it finds some resistance around 4,100. In my opinion, the break above the 3,896.74 resistance isn't convincing as there is no significant surge in the volume. The index could slightly decline before it heads back on track but who knows right. There are many cases on breakouts without much volume but still went all the way up. Aside from that, the volume is just a secondary indicator next to the price action (price is still king). Anyway, on the pessimist's point of view, if the index suddenly drops, the former resistances could act as supports. If not, the 18-month uptrend could be the strongest support among them all and like I always mention, as long as the uptrend remains intact, the northbound direction of this index will most likely continue. Enjoy the long weekend guys, let's see what happens on Monday. Cheers!

PSEi Weekend Update - August 1, 2010

Hi guys! Back in my last technical analysis on the chart of the Philippine Stock Exchange Index (PSEi), I thought there was an ascending channel breakout that took place (kindly check here). Apparently, what looked to be a breakout really wasn't a breakout but more of a bounce from a new resistance so I had to do some adjustments on the ascending channel. Right now, the PSEi is still in a bullish mode as the uptrend is still intact and has been for 15 months now. While the bears aren't around, the index could further climb and head to 3,514.74. If that marker gets cleared out, the next resistance could be 3,667.74. Well, as I always say, as long as the uptrend remains intact, the ascend of this index would most likely continue. However, assuming the uptrend gets broken, the immediate support could be 3,281.38. If a further slip from that area takes place, the ascending channel's support could prevent the PSEi from a further drop.

PSEi Breaks Out of the Channel - July 14, 2010

Hi guys, for those who follow the chart of the Philippine Stock Exchange Index (PSEi), here's an update as a follow up to my last post about it (kindly see it here). Right now, the chart is in a bullish mode and it's really hard to tell until when it would be. But as we could see, the value has just broken above the ascending channel's resistance (indicated by the red circle). Thus, creating a higher possibility of the index to head  north towards the next resistance at 3,514.74. In case it clears the 3,514.74 marker, the next resistance could be 3,667.74. As always, there will always be the downside since we will never know what could happen to the market the next day. In case the index drops, the immediate significant support is the uptrend. If it breaches below that level, the ascending channel's support could hold on to the PSEi from a further slip.

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.

Philippine Stock Exchange Index: PSEI – July 2, 2010

Here's my weekend wrap-up of the Philippine Stock Exchange Index (PSEi) to supplement my previous post about it (kindly click here to see it). Despite the drop of the Dow Jones Industrial Average (^DJI), Nasdaq Composite and the S&P 500, the PSEi defied all odds by maintaining its uptrend and that can be seen in the chart provided. Well of course it dropped a bit as a reaction to the more than 5% decline of the ^DJI for the past few days but still, the PSEi didn't follow the drastic downswings of that US benchmark. At the same time, there is no head and shoulders breakdown or merely no head and shoulders setup at all in the current PSEi chart as far as my eyes could see unlike in the 3 US stock indices I mentioned (kindly click here to see the setups: 1...2...3...).

In the chart of the Philippine Stock Exchange Index, the price is currently moving within the uptrend and the 3,360.00-3,380.00 resistance levels. As a result, if it continues to do so, the price will no longer have space to move further unless it breaks above the 3,360.00-3,380.00 resistance or break down from the uptrend. If the current resistance gets cleared out, 3,667.74 could be the next price mark. On the downside, if the uptrend gets broken, the next support could be 3,219.46. Like what I always say about uptrends, as long as the uptrend remains intact I'd stay along side with the bulls.

Philippine Stock Exchange Index: PSEi - June 22, 2010

The Philippine Stock Exchange index (PSEi) has been testing it's 2-year resistance for the past few months. From my previous post, the PSEi looked to have broken above that resistance but then, it went back in. However, a break above 3,300 would be more convincing for the index to continue its ascend all the way to the 3,514.74 resistance. Once 3,514.74 is cleared out, the next resistance could be 3,667.74. As of now, the support is at 3,219.46. If the value drops below the 3,219.46 price mark, the uptrend could serve as the next support. But as long as the uptrend remains intact, I'd bet on the upside.

Philippine Stock Exchange Index: PSEI – June 6, 2010

The PSEi (Philippine Stock Exchange Index) has broken above the 2-year resistance line at 3,333.26 during last Friday’s trading session. This break could propel the value of the index to the next resistance at 3,514.74. However, with the Dow Jones Industrial Average’s 3% decline during last Friday’s US session due to a weak employment number and a threat of a sovereign default by Hungary, I doubt that the PSEi could push higher tomorrow. In fact, I’m more convinced that the Philippine Stock Exchange Index would turn around and decline towards its uptrend’s support. If the uptrend line fails to hold, the index could slip to somewhere between 3,073.71 and 3093.88.

PHILIPPINE STOCK EXCHANGE INDEX: PSEI - May 10, 2010

The Philippine Stock Exchange Index or ^PSEi, last Friday May 7, 2010, fell by 94 points to 3,073 and closed at 3,142 after the major sell-off by the Dow Jones the night before. Fortunately, the uptrend's major support line was maintained (violet dotted line) as the index bounced from 3,073 level and as the PSEi holds above the psychological support at 3,000, the uptrend remains more intact.

The current resistance line (green dotted line) is around 3,330 as seen in the chart. We may be seeing the PSEi's value moving just within the resistance and support lines in the following weeks unless the European market worsens due to the the current financial crisis in Greece. If more drastic downswings are followed up by the major markets, the uptrend will most likely be taken out and the PSEi brought lower.

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 12-12-2009

In the chart of the Philippine Stock Exchange index (PSEi), we currently have here a 4-month upward trading range (indicated by the red diagonal lines). As long as the range remains intact, the index is still bound to rise.

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 9-28-2009

A technical study of the PSEi chart: Is the Philippine Stock Exchange main index gonna continue heading up?! Can't really tell... All I can say is that there seems to be a small symmetrical triangle being formed (indicated by the red circle) and it can be bullish or bearish. Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 6-22-2009

The main index of the Philippine Stock Exchange has broken its immediate uptrend support (violet dotted line). As a result, chances on the downside are higher unless good things happen to the global markets. Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 6-16-2009

The immediate resistance of the Philippine Stock Exchange Index at 2620 was nicely hit as from my previous post. Will this now go up or continue going down? That I don't know... Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 6-14-2009

Which among the resistances will manage to hold the main index of the Philippine Stock Exchange/PSEi from rapidly increasing its value. Is it the resistance at the 2620 level (lower green dotted horizontal line)? Is it the 2750-2800 resistance (upper green dotted horizontal line)? Or none of them?! Woah, really hard to tell! Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 5-22-2009

The Philippine stock market has been going up for 2 months now as reflected by PSEi, the main index. PSEi looks quite intact in its uptrend as long as its value is maintained above the immediate support line (violet dotted line). Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 5-14-2009

As we can see, the PSEi has achieved it's target price after breaking out from a symmetrical triangle (encircled with yellow) and its downward resistance (green dotted line) late March. Is it now time for the PSEi to go back dropping again after weeks of good runs?! I hope not. Personally, I'm really bullish with the Philippine market as well as the US market but it just needs to correct. Click image to enlarge!

PHILIPPINE STOCK EXCHANGE INDEX: PSEI 4-12-2009

PSEi, the Philippine Stock Exchange's main index, has dramatically been falling down for more than a year now along with the global markets. However, we can see from the charts that the year long decline of the PSEi has been reversed last week as the prices emerged above the downrend's resistance line (green dotted line). Is this already a reversal or just a rally?! Click image to enlarge!