The PSEi last week made a good rally by 102.47 points. That’s +3.56% and closed at 5,595.18. Though the rally eased my fear of a potential bearish market, we are not out of trouble yet until the market will break that 5,949 resistance. One of the reason why I believe we are not yet out is the volume of the trades. Last week showed a thin volume indicating that there may not be enough buyers to sustian the climb.
Until we see the index breakout from that 5,900 level for good, it would be best to stay on the sidelines for now and keep saving up more money, keep healthy levels of buying power so that when we see the sure reversal, you will have bullets for the war. Bargain hunt if the index comes back down. Stay light and don’t go all in. Foreigners remained net sellers this week by more than P1.6B. PSEi’s resistance is at 5,900, while support still at 5,400-6,200.
Until we see the index breakout from that 5,900 level for good, it would be best to stay on the sidelines for now and keep saving up more money, keep healthy levels of buying power so that when we see the sure reversal, you will have bullets for the war. Bargain hunt if the index comes back down. Stay light and don’t go all in. Foreigners remained net sellers this week by more than P1.6B. PSEi’s resistance is at 5,900, while support still at 5,400-6,200.
SUPPORT: 5,400-5,900
RESISTANCE: 5,900|
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