PSE WEEKLY TECHNICAL ANALYSIS FOR APRIL 19-23, 2021
The $PSEI has momentarily stopped its descent as it has gone sideways for the past 3 weeks, ranging between 6300 and 6650, to end this week at 6494.81.
With that close, the index is again under all the moving averages, in fact, it seems to be staying within the area of the 200-day moving average at 6501. The MACD lines may look to be rallying but it’s quite weak. The Bollinger bands seem to be narrowing and this may mean a big move is coming.
With the $PSEI straddling the 200MA at around 6500, this could be a momentary pause before it resumes its downtrend to the 4900 area. A shorter-term resistance is drawn with it at 6614, for the moment. Until this resistance is broken, we’ll have to presume that the downtrend is still intact.
Stay alert and be quick with your trades.
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