PSE Weekly Technical Analysis For January 10-14, 2022

The $PSEI starts the year on a weak note as it ends the first week at 7011.11, just slightly above the psychological support of 7000.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, January 10-14, 2022

By this time, the index was already gone below the 100-day moving average at 7071, and the 200MA may now be serving as support at 6834.

The MACD shows us that the momentum of the index is slowly going down. We may have to expect that we could go to the short-term downside target of 6922.

With a lot of uncertainty happening that might affect the market, the public is taking it very cautiously. Definitely, we aren’t out of the woods yet and we may need to see how things unfold before deciding on our next steps.

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