PSE WEEKLY TECHNICAL ANALYSIS FOR FEB. 1-5, 2021

The $PSEI has confirmed what we’ve been suspecting since mid December as it broke through multiple psychological supports the past week by finishing the week at 6612.62.

Currently, the 100-day moving average is the immediate support at 6594, and this may not be that solid. The next support that we’re now looking at would be the 200MA at 6258. The MACD lines have now gone below the zero line, indicating we’re in bearish territory.

Based on last Friday’s big move, we have now broken the support of the rising wedge at 6711 and we’re looking at a downside target of 4928. This is what we’re afraid of, another big drop to around the same levels from the start of last year’s lockdown. Brace yourselves and save what you can. - Bonner Dytoc

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