PSE Weekly Technical Analysis For November 2-5, 2021

After running up to the 7300 level, the $PSEI has backed off from that pace to end the week at 7157.73.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, November 2-5, 2021

The 50-day moving average continues to move higher as it serves as the immediate support at 6972. The MACD lines have also backed off the recent pace and moved sideways, reflecting the recent move of the index.

After 3 months of trending up, the $PSEI has started to correct, with the 7000 level serving as our psychological support. It might be in this area that things might turn interesting.

Let’s wait and see for now how things play out.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic