It’s quite a wait for the traders of the PSEi for any definite direction.  Last week’s action didn’t really help much in convincing us otherwise.

The movement of the index last week seemed like it was already tapering off after clearing 2000 for some time now.  However, it seems that the momentum couldn’t be sustained.

The moving averages have finally converged and could provide a stronger support base for the index.  However the MACD lines have crossed again, this time for a sell signal.  We could expect selling pressure in the market the coming week as shown to us not only by how the index is performing but also how the MACD has reacted.

It’s never a mistake in getting your profits.

Recommendation: Take profits
Support: 2042