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