PSE WEEKLY TECHNICAL ANALYSIS FOR MAY 31-JUNE 4, 2021

The $PSEI did a surprising move this past week by not only breaking the resistance of the downward channel, but it also had enough strength to pull close to 6700 by closing the week at 6674.51.

The index is close to testing the 100-day moving average at 6700. It already broke through the 50MA & 100MA easily. The MACD fast line has also turned upward to reflect this latest development.

Should the $PSEI be able to maintain this momentum, 6885 won’t be too far, to give our market a semblance of a recovery. Continue to look for opportunities and be quick to take profits should things turn sour.

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