PSE Weekly Technical Analysis For July 19-23, 2021

The $PSEI continues to fall and it doesn’t seem to be ending anytime soon. For the moment, the index finished at 6693.83, breaking through the 6700 level we were initially looking at as support.

The 50-day moving average is just above the index at 6701, the 200MA at 6689 and the 100MA at 6637.

Although it’s a tight range, we expect the $PSEI to trade between the 50MA & 200MA if the momentum will stabilize at current levels. But given its momentum, it may pierce through the 100MA as quickly as it raced to its current level.

The MACD fast line is accelerating downward towards the zero line, ready to cross below to bearish territory.

It’s getting tougher in the market and this may be a good time to consider staying liquid.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC