PSE WEEKLY TECHNICAL ANALYSIS FOR MAR. 29-31, 2021

The $PSEI rallied a bit the past week but still not enough to convince us that things have turned around as the index finished the week at 6544.63.

We already know we’re in bearish territory as the $PSEI has already broken the support of the rising wedge around 3 weeks ago and is on its way to its downside target of 4912; hopefully, we’re wrong and it doesn’t reach this level. The 200-day moving average at 6486, has served as support and the index bounced off this to return to the 6500 level but the value turnover is lower than normal. The MACD fast line may have curved upward but is still a sell long condition.

Maybe the liquidity in the $PSEI dried up earlier than expected as we haven’t reached the average of 8-10 billion pesos the last 2 trading days. We normally expect this to dry up during normal times as many have gone on vacation at this time. But with the current situation, there’s nowhere to go, which makes us believe this may be due to people staying on the sidelines seeing things are still bearish. Pray we are able to rise above our current situation and our country can return to some semblance of normalcy, or whatever will pass for it.

WEEKLY FEATURE : BONNER DYTOC SHOWS THE WAY IN STOCK PLAY