PSE Weekly Technical Analysis For January 24-28, 2022

The $PSEI continues to move sideways in the triangle that we saw a few weeks back as it ends the week at 7293.52.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, January 24-28 2022

The 50-day moving average is serving as its immediate support at 7230 as it continues to hover just below the resistance of the triangle. The MACD lines have started to move higher to give us a sense of trend, even for the short term.

We are looking at the resistance of 7335 for the triangle as this was adjusted after the index made a move that turned out to be a false breakout. If this is broken, the resistance of 7432 remains before the upside of 6% for the triangle can be considered.

Opportunities are starting to show themselves but we have to be cautious in choosing them.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic