News / Philippine Stock Market
The most significant thing that happened to the PSEi this week is that it has brought itself back above 2700 again and has tried to break the 130-day moving average.
We ended the week just under the 130MA. But what’s encouraging is that the bar made last Friday was bullish and resilient. This could carry over to Monday and we could finally see the index push itself above the 130MA and continue its ascent to 3000.
The index is becoming stronger as we see in the MACD. The fast line is above the slow line again and everything is above the zero line. Definitely this is a bullish setup.
It’s time to dust off the cobwebs from our charts and start searching for those good-looking opportunities. There are a number of reversal patterns in a number of issues so I think happy days are not too far away.
Recommendation: Buy selectively
Support: 2700 
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