PSE WEEKLY TECHNICAL ANALYSIS FOR JUNE 7-11, 2021

The $PSEI continues its run this week as it rose further and ended the week at 6796.34.

The week started with the index still consolidating under the 100MA, which was around the 6680 level. That level was easily surpassed with the index reaching a high of 6841 and it forms another pattern. The MACD has become bullish as both fast & slow lines are now above the zero line.

Another flag shows up, which can push the $PSEI further to its target of 7020. But flags are known to have high failure rates the past few years. Take this with a grain of salt.

More charts have turned better but not totally bullish yet. Give it some more time and maybe we’ll be seeing these patterns complete their pictures and we can probably ride them when the time comes.

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