PSE Weekly Technical Analysis For October 11-15, 2021

The $PSEI tried to make headway into the 7000 level and after briefly entering it to as high as 7049, it falls again to end the week at 6906.86.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, October 11-15, 2021

The 50-day moving average is now starting to accelerate higher as it’s now above the two MAs, to serve as support for the index at 6784. The MACD lines are slowly returning to the zero line, giving us a sense of weakness for the index.

We’ve noticed that the $PSEI has been trying to make a convincing break above 7000 but it’s been having a hard time sustaining that level.

As much as we want to maintain a sense of hope for our market, it’s been pointed out that other major exchanges around the region have already fallen, and ours is one of the last ones standing.

Given that observation, brace for impact.

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