The PSEi looks more positive than it has been in the past few months.  The key word here is “looks.”

Yes, the index has not gone below 2000 since clearing that level last month.  Yes it has been gapping up, pushing itself to 2241 as of the last close.  However, volume has not been that convincing on both points.

The 65 & 130-day moving averages have finally crossed to become positive but they’re both still under the 260MA.

The MACD remains bullish and has not shown any sign of weakness.

However, there is always this lingering feeling of playing things cautiously.  It’s not bad to be cautious these days, what with a lot of uncertainty about the status of certain companies.

Recommendation: Buy selectively
Resistance: 2272