Support : 6400 / 6150
Resistance: 6583

Last week, the PSEi rallied strongly above its peaks of resistance (6,000, 6,150, and 6,400) and its moving averages (50 , 100, and 200-day MAs).

It is notable that for the first time since Nov 2019, the PSEi split past its long-term MA (200-day MA).

The sharp rebound, however, has taken the stock to trade with RSI at overbought levels at 79.50.

Make good use of the anticipated pullbacks and consolidation at about 6.219 before the 200-day MA of the PSEi.

Recommendation

PSEi could return below 6,150, so lighten your position if it happens.

LEAVE A REPLY

Please enter your comment!
Please enter your name here