PSE Weekly Technical Analysis For September 13-17, 2021

The $PSEI continues to rise towards the 7000 level as it closes the week at 6970.51.

Photo Insert: The Philippine Stock Exchange (PSE) Index Technical Analysis, September 13-17, 2021

Technically, we’re supposed to be bullish as the index is above all the moving averages, with the 200-day moving average as support at 6777. However, we know that the $PSEI is still moving sideways so we can’t celebrate just yet. The MACD reflects the current rise but seems to be uncertain about its trend.

What is supposed to be a right shoulder has extended itself to have a rising wedge, which can turn into a double top for the whole right shoulder. It now depends on how the index behaves.

For the head & shoulders to be negated, either a break of the neckline and immediate return above it, and a continuation of the uptrend would be needed. Otherwise, a break above 7500 would also do it for me.

We wait and see how this turns out.

WEEKLY FEATURE : PAL READY TO SOAR WITH PANDEMIC