PSE WEEKLY TECHNICAL ANALYSIS FOR MAY 17-21, 2021

The $PSEI may have risen a bit this week but the overall bearish sentiment remains as it ended the week at 6269.36.

The MACD lines continue to hover just below the zero line but there could be an acceleration of the momentum going down soon. We have to note that the downward resistance line has yet to be broken, and for now it stands at 6350.

The sudden turn of the $PSEI at the last second to make it green makes it suspicious. The whole day, the index was down by 100 points, breaking not only 6200 but also breaching 6100. This makes us believe that there will be a retest of 6000 this coming week.

Maintain diligence in trading or be prepared to wait it out.

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