PSE WEEKLY TECHNICAL ANALYSIS FOR JAN. 18 - 22, 2021

The $PSE:PSEI finished the week in the red as it closed at 7238.46. Despite some excitement over smaller cap stocks, the index seemed to struggle again when it tested the 7300 level.

The 50-day moving average now serves as the immediate support at 7016. The $PSE:PSEI has yet to break this, which is a good sign. However, the MACD lines continue to give us a bearish divergence, which seems ominous of some bad times ahead. The Bollinger bands are slowly narrowing, so we could expect some movement soon.

The index retested the 7300 level last Monday but it also backed off and the $PSE:PSEI can’t seem to get past this level. We better be ready to take profits soon as the uncertainty of things normalizing seem to be prevailing. - Bonner Dytoc

WEEKLY FEATURE : JOSE MARI CHAN AND THE CHRISTMAS ANTHEM