The Philippine Stock Exchange Index (PSEi) has been on a streak as it keeps making new all time highs.  The index ended the week on a strong note as it closed at a new all time high of 5145.

The moving averages continue to trend upward together with the index.  Should the index correct, we would expect that the 50-day moving average, currently at 4803, to act as our first area of support.  The MACD has not yet moved together with the index as it still looks like it’s still in a consolidation phase.  But we do expect that if the index would continue moving higher, the MACD would soon follow.

We mentioned the previous week that we expected the PSEi to breach the psychological level of 5000 and stay above it.  Proof of that is already here as the index was able to close the week with a 114 point rise to the new all time high stated above.  To sustain this, we expect index issues to lead the way to keep the PSEi rising.

Recommendation: Buy
Support: 4803

The Philippine Stock Exchange Index (PSEi) has been practically following what the DJIA has been doing with a psychological resistance; which is it has been trying to get past that level but something keeps putting it back.

The 50 & 100-day moving averages are now racing towards the index and they are now confirming the bullishness in our trend.  The 50MA will now serve as our immediate support at 4743.  The MACD continues to drift sideways while slowly going down.  It probably only means that the PSEi is just passing through some correction phase before deciding on which trend to take.

Given that we’ve been flirting with the 5000 level for some time, we expect that this area will be breached soon again and hopefully it will stay above that level.  The only way for that to happen would be for the index issues to start appreciating also so it’s time to hunt for bargains.

Recommendation: Buy
Support: 4743

The Philippine Stock Exchange Index (PSEi) has been flirting with the 5000 level for a few days the past week and was finally able to finish the week at its new all-time high of 5016!

The moving averages are confirming the uptrend in the index as it is now in the bullish setup where the 50-day moving average is at the support level of 4682.  Strangely, the MACD has been on a steady decline since January.  It could be possibly telling us that a correction is coming soon, unless the MACD lines will turn up soon to reflect the recent moves.

We still have the upward momentum for the moment but we should also prepare for the market correction anytime for the following reasons:

1. We have been going up since December and there has been no major correction as of yet.
2. Our market weakens at around March or April every year.
3. Many issues have already been overbought for quite some time.

Taking these things into account might help keep us more careful in our trades.

Recommendation: Take profits
Support: 4682

The Philippine Stock Exchange Index (PSEi) has set another all time high level yet again when it reached 4997 but it pulled back far from that level when the index closed the week at 4893.

The moving averages have now been set up in the bullish setting and for the moment, they confirm the uptrend that we are experiencing.  The MACD lines have momentarily gone sideways but are still considered to be bullish as it continues to stay above the zero line.

Should the index correct from this point, we expect the support to be at 4700, where the resistance of the trading range is set.  Should it fall further, then we expect the 50MA to serve as the next support at 4625.  However, with the bull market still in place, we don’t expect the index to fall too much.

Recommendation: Hold
Support: 4700

The Philippine Stock Exchange Index (PSEi) has set another all time high level at 4886 and it closed the week strong at 4880, giving us renewed confidence that the bullish trend will still continue.

With the index rising by another 114 points to end the week on a high note, traders were given that confidence boost to search for sleeper stocks that have yet to move and follow the general trend in the market.  As such, the PSEi still romps away from the moving averages, continuing the uptrend we’ve seen since October 2010.  The MACD may have tapered off a bit from the trend but we’re sure that it would follow the rise of the index very soon to confirm that the correction mode has already finished.

Given that the indicators are confirming to us all the bullish signals we are seeing, we maintain that our upside target for the index would still be at 5413.  Should things correct again, it should be safe to declare that 4800 would now serve as our psychological support while 4686 is the current support based on the trendlines we made.  If we’re still holding on to any winning positions, then this is a good time to hold them.  In case we’re still searching for the sleeper stocks that we mentioned earlier, one could be staring at us right now.  We just need to look closely.

Recommendation: Buy
Support: 4686

The Philippine Stock Exchange Index (PSEi) has just gone sideways for the past week but it seems like it’s just taking a breather before moving higher once again.

Since we are now at the start of an uptrend, we should expect that there will be times when the market won’t move up but would just move sideways.  However, we finally have a confirmation from the moving averages that we are bullish once again as they have set themselves up in the extremely bullish positions.  The MACD lines have also gone sideways with the index.

We know that when prices move, there would be opposite movements in between and also some movements that would just be mere consolidation.  The latter is what is happening now.  But if this would mean that better things are in store for us then this would be something the whole market needs.

Recommendation: Hold
Support: 4680

The Philippine Stock Exchange Index (PSEi) has reached a new all time high before ending the week on a pullback.  The index was able to break through 4800 to create a new high at 4822.  What followed was probably a case of two steps forward, 1 step back as the PSEi ended the week at 4758.

Despite the volatile pullback, the current 6 month uptrend is still intact as it is pulling away from the moving averages.  At the same time, the MACD lines are also tracking the uptrend while it oscillates upward.  Overall, we still see the bullishness in the market.

Seeing that this is just the start of something big, we shouldn’t let numerous opportunities pass us by when there are many stocks getting ripe for the picking.  We just need to choose those that fit our style.

Recommendation: Buy
Support: 4680

The Philippine Stock Exchange Index (PSEi) is now range trading between 4580 & 4750.  This should be good for us as this could mean that it could settle at these levels first before it climbs to higher levels.

The index is way above the moving averages that we already sense the uptrend in effect even before the averages have a chance to set up to the bullish positions.  The MACD on the other hand, has been tracking the trend, which it has already erased the bearish divergence we saw before.  This now gives us more confidence in the trend of the PSEi as we continue to seek higher levels.

Clearly, this is now a good setup for us to start accumulating selected issues that can be good for the long haul, especially those which will affect the index.  It’s time for us to search for our jackpots!

Recommendation: Buy
Support: 4563

The Philippine Stock Exchange Index (PSEi) isn’t finished in making history as we ended the week at a new all time high level of 4747!  Things are definitely getting much better.

The moving averages will soon be in the bullish setup as the index continues rising.  The MACD also continues going higher as the record breaking run is still unfolding.  Compared to other global indices, we definitely look much more attractive by now.

As the PSEi is still making a good case for attracting the foreigners, what we see in the chart is that we have now redrawn our lines and now view that the index has broken out of a trading range.  The resistance of 4666 was already broken last week.  Should this run continue, then we just may see the index reaching a new high when it hits our target of 5413.

Recommendation: Buy
Support: 4670

The Philippine Stock Exchange Index (PSEi) has achieved a new all time high of 4663!  And then it slumped from there.  We noticed that as the index was rallying to new heights, it backed off at 4591 initially because it hit the resistance of the long term trendline that we drew since March 2009.  This was immediately surpassed the following days as the market was pushed much higher on the massive buying of index issues.

As the PSEi continues to pull away from the moving averages, they are slowly establishing themselves to the bullish setup to confirm the current run.  The MACD on the other hand, has already surpassed the initial bearish divergence we saw since September 2010, thereby eliminating the bearish sentiment.  On both ends, bullishness prevails in the market.

The PSEi should continue going higher to solidify the renewed bullish sentiment existing at this moment.  In fact, it should rise by around 400 more points to authenticate the bull market that we are seeing.  In case, you are still liquid at this moment, bargains await you.

Recommendation: Buy
Support: 4400