PSE WEEKLY TECHNICAL ANALYSIS FOR MAY 3-7, 2021

The $PSEI tried to get past the 6500 level again this week but it fell on Friday to end the week at 6370.87.

The recent attempt by the index didn’t even touch the 200-day moving average at 6510, as it stays below all the moving averages. The MACD lines rallied a bit, reflecting this week’s run but it stays below the zero line. These indicators continue to show us bearishness.

Traders are not in a hurry to return to the market as evidenced by the value turnover for the past 2 months, where the average is somewhere around 5.5B, far from the healthy value turnover of 10B.

Continue to hope for the best but prepare for the worst.

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