The PSEi was able to cut short its losing streak as it ended in the green on the last trading day of the 7th week of the year. The local bourse advanced +1.12%, gaining +76.77pts to 6,926.41 last Fri. Moreover, gains were visible through local markets with Holding Firms to receive the strongest push at +2.40%(+169.18pts).

The question remains whether or not the market could return to and be sustained at 7k as bearishness still lingers across the indicators. With MACD poised for a bearish convergence, the PSEi might continue traversing sideways.

Technical Indicators:

  • MACD – About to converge bearishly
  • DMI – Momentum picking up, selling pressure slides
  • RSI – Ended the week in the selling region

Recommendation

Trade the range.

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