PSEi Outlook for Apr. 11 – 15, 2011

Posted by Bonner Dytoc
Friday, April 8, 2011 17:49

The Philippine Stock Exchange Index (PSEi) continued climbing higher the past week even if there were no leads on the local front.  The recent push that the market has been getting is probably a follow through buying from the previous week where we were able to climb back into the upward channel, but also get past 4000.

The index is already above the three moving averages so it’s already a bit bullish.  Add to that the acceleration in the upward momentum of the MACD’s fast line.  Both indicators confirm continued bullishness in our market.

This looks like the resurgence of the PSEi after hitting a correction mode for the past 5 months.  Bargain hunters are already looking for prize finds at this point.

Recommendation: Buy
Support:  4120

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