PSE WEEKLY TECHNICAL ANALYSIS FOR JUNE 21-25, 2021

The $PSEI has succumbed to the quick euphoria brought about by its sudden rise from 6300 levels to 6900 and has ended at 6851.38.

The index looks to be correcting. We’re looking at 6686 to be the first area of retracement, then the 100-day moving average at 6645 will serve as the first support.

The MACD fast line has also curved downward following the recent fall of the index

Given that we said the previous week, the rise of the $PSEI looks to be quite fast, that it lost its momentum, and now the index followed what we expected, it’s only safe to take profits you made from the previous weeks. Otherwise, this will be another wait.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC