News / Philippine Stock Market

PSEi Outlook For Aug. 11 - 15, 2008 By Bonner Dytoc August 10, 2008

The best word to use for the PSEi now is an R word.  No, not recession, but resilient. There were days last week when the DJIA dropped big but the market didn’t follow. Let’s be thankful we didn’t fall further than the low in July.

Currently, the market is once again testing the psychological resistance of 2700. This is a good thing since we are now beyond the 65-day moving average.  This should give us more confidence.

Things have been turning bullish for many stocks as there are a lot of breakouts and new flags being formed. This is confirmed by MACDs being in a buy long set up.

There are still two more obstacles for the PSEi to hurdle: the 130MA (placed at 2802), and the 260MA (3150).  It’ll take some time before the market can place itself safely above all 3 MAs. Until that time, choose your stocks wisely.

Recommendation: Buy selectively.
Support: 2600
Resistance: 2700