PSE Weekly Technical Analysis For December 20-24, 2021

The $PSEI initially went nowhere for the week until on the last day when it went up by 64.40 points to end the week at 7297.66.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, December 20-24, 2021

The 50-day moving average is the immediate support at 7222 as the index tries to recover lost ground and retest the 7430 area. The MACD lines have also started to curve upwards, as this may be a reflection of the recent run.

With the $PSEI’s close, it closed the gap when it went down 2 weeks ago. This should make us more bullish for the short term. What’s needed is for the index to break 7430 and surpass 7500 to signal a possible bull run in the making.

Hopefully, we will still see some kind of rally before the year ends and it extends into the first quarter of the next year.

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