PSE Index TECHNICAL UPDATE August 3, 2015
As of August 3, 2014, the PSE Index is still up by 4.7%. From its peak of 8,136.97 attained on April 7, 2015, the index has a 2-month declined down bear market territory that bottomed on July 9, 2015. Currently, charts indicate that the market has been moving sideways with a resistance point near 7,660 and support in the just below 7,700.
On July 14, 2015, the index broke the resistance of a 3-month old downward channel, but failed to break the near term resistance of 7,700. After a 2-day slide, the index looks poised to retest the recent high of 7.665.52. We peg near term resistance at 7,700 and support at 7,400.
On July 14, 2015, the index broke the resistance of a 3-month old downward channel, but failed to break the near term resistance of 7,700. After a 2-day slide, the index looks poised to retest the recent high of 7.665.52. We peg near term resistance at 7,700 and support at 7,400.