PSE WEEKLY TECHNICAL ANALYSIS FOR DEC. 7-11, 2020

The $PSE:PSEI has tried again to break past the 7200 level, which is now proving to be a challenge, as it finishes at 7134.56.

The moving averages are now at the bullish setup and are chasing the index which still makes us bullish while the MACD fast line has started to turn back to the uptrend. We may probably see some more strength in the index for the coming week as it tries to breach 7200 and probably retest 7300.

Hopefully this run will continue until the end of the year but we should be ready for any substantial correction that could happen as the $PSEI has risen by 18% in the last 6 weeks. Stay vigilant and lock in gains for a merrier Christmas. - Bonner Dytoc