PSE Weekly Technical Analysis For February 21-24, 2022

The $PSEI continues to move sideways as it’s been retesting the 7400 levels but fails to continue its previous momentum. It closed the week at 7418.79.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, February 21-24, 2022

The moving averages continue to support the index in the extreme bullish setup, with the 50MA as the first support at 7264 while the MACD continues to hover above the zero line but some momentum may have been lost with the fast line now below the slow line.

We are waiting for some clarity for the index to make a definitive direction as a number of factors that may affect us are being monitored; namely the presidential elections and the situation in Ukraine.

Hopefully, everything works out for the benefit of most people and the $PSEI reacts positively to it.

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