PSEi: Increasing sell momentum, which may continue this week.
The local bourse continued its downturn for the whole of last week, ending the Friday session at 6,653.53–lower by -0.51%. All indicators point to increasing selling pressure. There also looks to be heightened momentum and index volatility. At this point, the index is still far from the oversold region, meaning there will likely be a continuation of the selldown at least for the first half of this week. The strongest support we’re seeing right now is at the 6,600.00 level. Barring any unforeseen circumstances, the PSEi could consolidate at this range in the next few weeks.
Recommendation: Buy when support holds