PSE WEEKLY TECHNICAL ANALYSIS FOR MAY 24-28, 2021

As hinted with the way the $PSEI closed the previous week, the index continues to fall as it ends at 6199.25.

The past week was worse than before as this time around, we couldn’t even get near the 6300 level. We mentioned the way the $PSEI closed previously was suspicious.

The market was down by at least 100 points when it suddenly closed up by 30 points on the runoff. The way it closed made it suspicious and we were thinking this is artificial. Our suspicions have been addressed with this past week’s performance.

As the index continues to falter, our patience is being tested overall. Many are waiting for a sign that a reversal is made and better days are here to come. We may not be seeing this for a while so we’ll have to tough it out for the moment.

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