PSE Weekly Technical Analysis For August 23-27, 2021

By The Financial District
Aug 24, 2021
1 min read

The $PSEI rallies again to shake off some of the bearishness to end the week at 6633.22. But this doesn’t mean it’s safe now.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, August 23-27, 2021

The index is still below the 50-day moving average at 6726, but is above the 100MA at 6602. We expect it will range trade between these MAs for a while. The MACD lines look to be rallying but this is still below the zero line.

It remains to be seen what direction the $PSEI will take from here.

The head & shoulders pattern is still incomplete but a push down to the levels of 6300 would test the neckline and probably break it. That hasn’t happened yet. We still need to be careful.

Market & economy: Market economist in suit and tie reading reports and analysing charts in the office located in the financial district.

Take profits if you have any.

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