PSE Weekly Technical Analysis For August 31-September 3, 2021

The $PSEI continued the trend again where there’s a sell-off on Friday. The index ended lower at 6786.62 to still be within the range we’re looking at but there are some things to consider.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, August 31-September 3, 2021

The $PSEI now sits above all moving averages with the 200-day moving average serving as support at 6767. The MACD lines are also reflecting the recent rally as the fast line is now above the zero line and the slow line is gearing to break above that too.

This rise of the index can only be explained as a rising wedge in the making before the dreaded fall to break the neckline of the head & shoulders. Should this happen soon, the support of the wedge is at 6790, and it could bring the index lower by more than 2.5%.

Let’s be careful out there.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC