PSE Weekly Technical Analysis For November 22-26, 2021

The $PSEI backed off the area of 7432 to retreat the past week and end up at 7280.57.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, November 22-26, 2021

The indicators are still holding steady; the 50-day moving average as support at 7120, the MACD lines staying above the zero line. This may be a mere correction.

Although the index is more than 100 points away from the critical area, it created a one-day reversal on Friday with volume. This may indicate that we could be seeing a retest of the area of 7432 soon.

Some stocks are turning bullish, we may want to consider picking some up to take advantage of the opportunity.

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