PSE WEEKLY TECHNICAL ANALYSIS FOR FEB. 15-19, 2021

The $PSEI may have risen the past week but it ends on a sour note to close the week at 6991.01.

The 50-day moving average at 7099 has proven itself to be a resistance again as the index only breached the MA momentarily only to fall back. The MACD lines may look bullish as the fast line is above the slow line but they’re in a rally setup, and the lines may have flattened out and lost some upward momentum. We could see things fall again this week.

Based on the existing rising wedge we’ve been monitoring, the level to break for the index is currently at 6737. If the index breaks support again, we could see a downside of 26%. But before it falls that low, we still have the 200MA at 6220 to support the $PSEI. Let’s be cautious with our trading for this week. - Bonner Dytoc

WEEKLY FEATURE : COLORSTEEL'S PRESIDENT BREAK BARRIERS