News / Philippine Stock Market

PSEi Outlook For June 23 – 27, 2008 By Bonner Dytoc June 23, 2008

There doesn’t seem to be any light at the end of the tunnel, assuming of course that the end of the tunnel is near.

Battered and bruised are two words that come to mind to describe how our index is doing. More bruising is in store for us. Again, as we can see in the chart, the index has failed to break through the resistance line at 2718. Since there is no sign of any reversal, our bearish mood continues. This is confirmed by the MACD’s oscillation below the zero line.

We should expect the recent low of 2510 to be retested. It could even be broken and we could see the index dropping to test the next support at 2407.

Woe is us who still hold any stock. Those who are liquid aren’t any better.