PSE Index: Bulls Manage To Maintain Control
Trading Phoenix | Nov 24, 2014 06:22AM ET
Ahead of the final week of November, the Philippine Stock Exchange Index (PSEi Composite) still showed a lack of decisive overall direction although bulls managed to keep the ball in their control.
The PSE Index closed Friday at 7,276.18, up 7.23 points or 0.10 percent. There were 91 advancers and 82 decliners, with 51 stocks unchanged.
PSEi Daily chart, November 21, 2014 c/o BBG
Key Areas List
The Key Areas list of the PSE index remains steady.
Key areas to watch:
Resistance: 7,400-7,500
Support: 7,200, 7,000, 6800-6900
Going into the fourth week of November, the index managed to stay afloat above the 7,250, following directionless trading in the previous week.
Since the PSE Index eked out a small gain, I would like to see bulls snatch control of the 7,300-7,400 area. The ideal weekly and monthly close is between 7,350 and 7,400 — or higher (creating a new high). To achieve this, we need to see increased participation from bulls. “Slowly but surely” seems to be their mantra for November. We’ll see by month-end.
NOTE: We’ll be celebrating the first year anniversary of this blog on November 25 (first post was back in December 13, 2013). As thanksgiving to all our readers, we are planning to offer a Premium Subscription Anniversary+Holiday Promo soon. Those who missed the VIP Premium Subscription (and those who emailed and commented) will soon be able to avail of the Premium Subscription at a discount. As always, a significant part of subscription proceeds will be allotted to our future charity drives.
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