PSE WEEKLY TECHNICAL ANALYSIS FOR APRIL 5-8, 2021

The $PSEI gave back what it took as it fell below the 200-day moving average again when it ended the week at 6443.09.

The 200MA at 6495 was serving as the immediate support until last Wednesday, the last trading day of Holy Week, where it was broken through by the index as it is now back below all moving averages. The MACD may have rallied a bit but remains to be bearish.

The $PSEI has consistently been moving down since the middle of January. The most recent rally brought it above 6600 but it couldn’t maintain it as we now go back down. Add to this, we’re already in the 2nd quarter of the year, where seasonally this is the start of the weak months. We can only imagine how much lower we can go as we add that the current situation doesn’t provide for a pretty picture in the near future.

The bearishness hasn’t dissipated. Be careful in your trades.

WEEKLY FEATURE : BONNER DYTOC SHOWS THE WAY IN STOCK PLAY