Philippine Stock Exchange Picks

Stocks Of Filinvest Land Preparing To Climb Again?

2010-11-01T02:23:00.007+08:00

Hello guys, welcome to another day of trading! Here’s an update on the stocks of Filinvest Land Inc. (FLI as its ticker symbol) which is one of the leading residential property developers in the Philippines. I posted on this last September 14 when it had been going up after breaking out from the 1-year symmetrical triangle formation (kindly see that post in this link).
The stocks have now been consolidating for more than a month after the run. As it moves sideways, there is a possible mini-triangle formation setting up on the chart.
We could expect this 2-month triangle to be bullish as it’s coming from an uptrend. If FLI is indeed bullish and breaks out from the triangle,
it could head up but would encounter some selling pressure at the 1.50 peso resistance. In case that gets breached, the next resistance it could aim for is 1.68 pesos. On the other hand, if the stocks breakdown from the pattern which is more unlikely to happen, the immediate support could be 1.31 pesos. If that marker fails to hold the price from further dropping, the next support could be the 19-month uptrend. Regardless, like I always say, as long as the uptrend remains intact, I’d stay bullish on this overall. Have a great day!

DMC Stocks Up 1,950% In 2 Years!

2010-10-27T16:57:00.002+08:00

Hi everyone, that’s right! The title states it clearly! Before, I mentioned the stocks of JG Summit Holdings gaining 1,600% in less than 2 years from 1.58 pesos to an all-time high of 27.00 pesos (kindly see this link)
and that was remarkable but what’s awesome are the stocks of DMCI Holdings, Inc. For those who do not know, this company operates four subsidiaries each one engaging in a different business such as general construction services, mining, investments and power generation. They are involved in both private and government projects. Anyway, DMC (its stock symbol in the Philippine Stock Exchange) was valued at 1.86 pesos back in October 28, 2008 and since then, it had gained 1,951% when it reached an all-time high of 36.30 pesos during the last trading session. However, it closed at 35.95 pesos which makes it a 1,932% increase to be exact. I remember posting about DMC when it was duck diving during the 2008 financial crisis (kindly check this link) but as we can see now, it had made a huge turnaround.

The stocks of DMCI Holdings, Inc. started its bull run on November of 2008 when some analysts said the bear market was about to reverse. From then on, the DMC stocks just kept on continuing to climb until now. However, in my technical analysis, the last daily candle formed on its stock chart could be bearish as it gapped up during the opening of the trading session and closed weak. In case the stocks drop, a significant support could be the 2-month uptrend. If that trend breaks and the stocks further decline, the next support could be 32.70 pesos. If the 32.70 peso marker still doesn’t hold on, the next support could be the 9-month uptrend. Personally, I think a minor correction would be healthy for the stocks before the ascend continues. However, if the bulls are too strong, the stocks will just keep on rising but could encounter some selling pressure at the 36.30 peso all-time high. If that price mark gets cleared out, the next level to be looked at is the 40 peso psychological resistance. Above all, as long as the uptrend remains intact, I’d stay bullish on this.

Oriental Peninsula Resources Group To Make Another Move?

2010-10-18T16:48:00.002+08:00

Hello traders! My Philippine stock pick for the week is Oriental Peninsula Resources Group, Inc. or ORE as listed in the Philippine Stock Exchange. Oriental Peninsula is a
Philippines-based holding company which is involved in mining activities. By the way, I had a post on this last May when the price was still around the 2-peso area (here’s the link). Anyway, in my technical analysis, there is currently a small symmetrical triangle forming in the ORE stock chart. However, I’m not sure if the formation is already set for a move since the pattern still looks premature and we will only find out if the breakout/breakdown occurs. Symmetrical triangles are generally neutral in terms of which direction it would head. However, as the triangle we see in ORE is coming from a 7-month uptrend, the pattern is most likely bullish and the stocks could breakout. If a break above the triangle’s resistance takes place, the next marker could be 3.35 pesos. If 3.35 pesos gets taken out once again, there could be some selling pressure at the next resistance at the 3.40 peso all-time high dating back from December of 2007. Then after that could be the 4.00 peso psychological level. On the downside, if the the symmetrical triangle breaks down, the immediate support could be the 8-month uptrend. If the stocks slip and drop below the uptrend, the next support could be the 3.00 peso price mark. Above all, as long as the uptrend remains intact, I’d stay bullish on this.

JGS Stocks Gained 1600% In Less Than 2 Years!

2010-10-06T03:48:00.004+08:00

Hello, that's right guys. The title speaks for itself! The stocks of JG Summit Holdings, Inc. or JGS as listed in the Philippine Stock Exchange shot up more than 1600% in less than 2 years. By the way, for those who do not know, this company is involved in air transportation, banking, food manufacturing,

hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications. It's owner, John Gokongwei, is one of the biggest ballers in South East Asia.

The JGS stocks started its bull run on December of 2008, when according to some analysts, the bear market was about to end. In fact, they were right because 3 months after, stocks globally started to reverse and went up. From 1.58 pesos, JGS climbed all the way to an all-time high of 27.00 pesos last week. This is definitely an awesome run for a blue chip! If it continues to ascend further, it needs to move pass above it's all-time high where there could be some heavy selling pressure before it makes another move up. In case it clears out 27.00 pesos, the next resistance could be the 30.00 peso psychological level. On the flip side, the immediate support could be 24.75 pesos. It the stocks further drop below that area, the next support could be the 6-month uptrend. Above all, the stocks could still be headed northbound as long as the trend remains intact.

PSEi Still on a High!

2010-09-21T03:41:00.003+08:00

Hallo stock traders! It's been more than a week since the main index of the Philippine Stock Exchange (PSEi) has passed above its all-time high of 3,896.74 and if you want to check my post on that last September 9 , kindly click here. Looking at its chart now, we can see it has moved pass above the 4,000.00 psychological resistance when it still hasn't last week. It was also able to make a new all-time high of 4,125.50 when it hit the 2-year ascending channel's resistance during the previous trading session. If the PSEi decides to further ascend, the immediate resistance could be the 4,125.50 all-time high. If that price mark gets cleared out, the next could be the 2-year ascending channel's resistance. On the downside, in case the index follows a correction, the immediate support could be the 4,000.00 psychological level. If it further drops below that marker, the next support could be 3,896.74.

A few hours ago, the data on the U.S. housing starts surged a better-than-expected 10.5% in August to a seasonally adjusted annual rate of 598,000. This could continue to boost traders confidence and add optimism on the global markets.

Phoenix Petroleum Technical Analysis Update

2010-09-19T03:38:00.006+08:00

Hello everyone! Another week of trading lies ahead. What I have here is my technical analysis update on Phoenix Petroleum or PNX in the Philippine Stock Exchange. As you can see last August 26, when I posted about this, the stocks have just bounced off the 8-peso resistance after breaking out from the triangle formation (kindly check here). More than a month after, not only has the 8-peso marker been breached but the stocks have also moved passed above the 8.70-peso resistance. By the way, I had a post on this right when it broke out from the triangle formation last July 25 (you may see it here). So for the awesome readers who were convinced by my analysis and considered buying PNX stocks at that point, you've already gained more than 20% and that's definitely not bad at all! Anyway, here are my technical updates on the Phoenix Petroleum stock chart: The stocks could further push upward and continue to run with the bulls, however, there could be some selling pressure at the 10-peso psychological level which for me is also a good resistance area. If it successfully breaches above that level, the next resistance could be 11 pesos. On the downside, the former 8.70 resistance could now act as the current support. If the stocks further drop below that price mark, the next support could be 8 pesos.

FLI High!

2010-09-14T03:33:00.001+08:00

Hello to the followers of Filinvest Land Inc.! As you can see, the stocks of this company have been making a good run since August and is making new highs for the 2-year time frame. Two months ago, it was still at 1 peso. Now, it's at 1.44 pesos exceeding the 1.33 peso resistance which also is my target price as I mentioned on my last post (kindly click here). We have here a nice example of a classic triangle pattern that broke out and reached it's target price by getting the size of the triangle's base added to the breakout point. However, the pattern I'm seeing could be different for others. Well in fact, looking at the 2.5-year time-frame, you could actually see a reversal cup and handle formation. Anyway, I also posted on this when it was just about to break out from the triangle pattern (kindly click here) and been monitoring it since then. For the lucky ones who were able to buy at 1 peso, an easy 40% for you guys in less than 2 months. Definitely not bad!

Hello PSEi All-time High!!!

2010-09-09T03:31:00.003+08:00

Hello beautiful people! Let's get back the to the chart of the Philippine Stock Exchange Index (PSEi). The last time I posted on this was last month (kindly see it here) and back then, the ascending channel was still intact (indicated by the yellow parallel lines). Two weeks ago however, the index cleared out the ascending channel's resistance and surged higher. Then, in just six trading days, it moved past above the 3667.74, 3770.18 and the 3896.74 resistances. I actually just noticed now the PSEi has already doubled its value in less than two years after coming from the bear market. Also, a few minutes ago, the US reported a decline in unemployment claims, from 472k previously to 451k now which brings the US market sentiments towards the positive side. This could be good for the global economy including the Philippine Stock Exchange as the US economy is still a benchmark for the global market.

Technically speaking, what is ahead of the Philippine Stock Exchange Index? Like I mentioned earlier, the PSEi has breached the 3,896.74 resistance (this would still be the all-time high if not for today's bullish session) and could head higher as there are no more resistances left. However, there could still be some selling pressure at the 4,000.00 psychological level which I personally consider a resistance. If that gets taken out, the PSEi could just shoot all the way up again until it finds some resistance around 4,100. In my opinion, the break above the 3,896.74 resistance isn't convincing as there is no significant surge in the volume. The index could slightly decline before it heads back on track but who knows right. There are many cases on breakouts without much volume but still went all the way up. Aside from that, the volume is just a secondary indicator next to the price action (price is still king). Anyway, on the pessimist's point of view, if the index suddenly drops, the former resistances could act as supports. If not, the 18-month uptrend could be the strongest support among them all and like I always mention, as long as the uptrend remains intact, the northbound direction of this index will most likely continue. Enjoy the long weekend guys, let's see what happens on Monday. Cheers!

The Ayala Corporation Breakout!

2010-09-03T03:28:00.000+08:00

Hello stock traders! It's been a while since I last posted on Ayala Corporation or AC in the Philippine Stock Exchange. If you want to check my post three months ago, kindly check here. As you could see, it took 5 months for the Ayala Corporation stocks to setup the triangle formation that could trigger the break above the 355.00-357.50 peso 2-year resistance area. Fortunately, it did on September 2 which is just yesterday (indicated by the yellow circle). Right now, the Ayala stocks could further head up but could encounter some selling pressure at the 400.00 peso psychological area which I also consider a resistance. However, if the stocks move past above the 400.00 peso marker, the next resistance could be 422.50 pesos. On the downside, in case the stocks start to drop, it could bounce off the 355.00-357.50 peso resistance-turned-support. If it slips and slides below that area, the next support could be the 7-month uptrend.

Yesterday, the US reported a great news on their Pending Home Sales data as it turned out to be positive. Currently, they also reported a stability on the unemployment rate which triggered the Dow Jones Industrial Average and the other major indices to stay on the bullish territory, well at least for now. Since the US market's with the bulls right now, the Philippine market will most likely be as well on the coming Monday trading session. Good news for the blues! Happy weekend guys, cheers!

Updates on the Phoenix Petroleum Stocks

2010-08-26T03:26:00.003+08:00

Hi stock traders! Here's a follow up on my Phoenix Petroleum (PNX) technical analysis which I posted a month ago right when its stocks broke above the ascending triangle formation's resistance. As you can see now on the PNX stock chart, the stocks continued to ascend upon the breakout tapping the minimum target price of 8.00 pesos which also is the immediate resistance as I mentioned before (kindly check here). Lucky for those who bought the stocks right at the breakout point as they could have already yielded around 10% in a month time if they sold at 8.00 pesos. Well, I bet the others are saying right now they could earn that in just a day trading other stocks lol.

As the Phoenix Petroleum stocks continue to move within the 8.00 peso resistance and the 19-month uptrend, they are going to lose their breathing space as those levels are about to intersect in a few months. Thus, the stocks could just either move past above that 8.00 peso marker or dive below the the 19-month uptrend. In case it breaks above the 8.00 peso resistance, the next one could be 8.70 pesos. On the other hand, if the stocks drop below the 19-month uptrend, the next area of support is 6.80-7.00 pesos. If the stocks continue to decline and clear out the 6.80-7.00 peso level, the next support could be 6.50 pesos.

The ABS-CBN Run!

2010-08-18T03:21:00.002+08:00

The ABS-CBN Corporation or ABS in the Philippine Stock Exchange is one of the top TV station network in the Philippines. They are the country's first and largest integrated media and entertainment company. The last time I posted my technical analysis of its stock chart was three months ago and many price movements have taken place since then.

Back in my last post on this Lopez owned company (kindly check here), the 9-year resistance line was still intact and the stock value was still at 36.50 pesos. Based on the stock chart now, the stocks broke out from the 38.50 peso 9-year resistance a months ago (indicated by the red circle) and made a new 9-year high of 54.40 pesos the past few days. A nice 40% gain in less than a month would have been bagged if you bought at the breakout point and sold at 54.00 pesos. Definitely not bad at all! If the ABS-CBN stocks successfully clear out the 54.40 peso price mark, it could aim for the next resistance at 56.50 pesos. Then the next resistance after that is 67.00 pesos. On the downside, if the stocks fall, it could find some support at the 50.00 peso psychological area. If it further falls below that level, the next support could be 44.50 pesos.

FLI Profits!

2010-08-16T03:15:00.001+08:00

Hello there! Here's an update of my technical analysis on Filinvest Land, Inc. (FLI in the Philippine Stock Exchange) that I posted two weeks ago (kindly check here). The last time I posted about FLI stocks, they were still trying to breakout from the triangle formation by consolidating and going in and out of the resistance level. Fortunately, they were able to fully breakout and made a 2-year high of 1.18 pesos. Once the 1.18 peso price mark gets cleared out, the next resistance that could be aimed for is 1.33 pesos which is the base of the triangle added up to the breakout point (red circle). However, the stocks went back down and found some support at 1.04 pesos. If the stocks breach below the 1.04 peso marker, the next support could be the 1-peso psychological area.

Word on the street, Filinvest Land Inc. launched five new projects to meet the demands for residential properties. At the same time, they bagged a good 2nd quarter 2010 net income of 31 percent or 998 million pesos compared to 759 million pesos during the same period last year. This in turn propelled their stocks to rise 2.8% to 1.10 pesos during the trading session earlier.

Nihao Breaks Out?

2010-08-11T03:13:00.000+08:00

Hi guys, I have here the chart of Nihao Mineral Resources International (NI as the ticker symbol in the Philippine Stock Exchange), a Philippines-based company engaged in exploring, developing and operating nickel properties. Word on the street, Nihao is starting its first nickel shipment to China which probably propelled the stocks to move higher for the last two trading sessions. Shipments to Australia and Japan could also take place in the coming months according to the news clarification released by the company. As a result for yesterday's trading session, its volume traded daily went to a 4-month high (indicated by the violet circle). High volume is a good thing since it adds more liquidity to the stocks thus buying and selling would be easier. Chart-wise, it seems to me that the Nihao stocks have broken passed above the resistance of its 8-month triangle formation (indicated by the red circle) and could push higher. The next resistance it could now encounter is the 3.80-peso level. Once that level is breached, the next resistance could be the 4-peso psychological area then 4.25 pesos. On the flip side, if the stocks change its course and head south, the triangle's support could prevent the slippage. In case the stocks break below the triangle's support, the next marker could be the 3-peso psychological level.

2010-08-02T13:44:00.000+08:00

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Philippine Stock Pick: Filinvest Land Inc. - August 1, 2010

2010-08-01T23:26:00.000+08:00

Hi guys, here's an update of Filinvest Land Inc. (FLI) which is my stock pick in the Philippine Stock Exchange. They are also one of the leading residential property developers in the Philippines. Anyway, last June, FLI was still setting up the symmetrical triangle formation in its stock chart (kindly check here for my post about it). Last Wednesday, the stock price tried to break out from the triangle with a 8.2% gain but went back inside two trading days after (indicated by the red circle). If it manages to fully break above the triangle's resistance and head northbound, some selling pressure could be encountered at the 1.08-1.10 level. If that gets cleared out, 1.33 pesos could be the next resistance. On the downside, if the stocks of Filinvest Land Inc. would just continue to consolidate inside the triangle, the immediate support could be 0.95 pesos. If the price further drops below the 0.95 peso marker, the next support could be 0.86 pesos.

PSEi Weekend Update - August 1, 2010

2010-08-01T23:25:00.000+08:00

Hi guys! Back in my last technical analysis on the chart of the Philippine Stock Exchange Index (PSEi), I thought there was an ascending channel breakout that took place (kindly check here). Apparently, what looked to be a breakout really wasn't a breakout but more of a bounce from a new resistance so I had to do some adjustments on the ascending channel. Right now, the PSEi is still in a bullish mode as the uptrend is still intact and has been for 15 months now. While the bears aren't around, the index could further climb and head to 3,514.74. If that marker gets cleared out, the next resistance could be 3,667.74. Well, as I always say, as long as the uptrend remains intact, the ascend of this index would most likely continue. However, assuming the uptrend gets broken, the immediate support could be 3,281.38. If a further slip from that area takes place, the ascending channel's support could prevent the PSEi from a further drop.

Phoenix Petroleum Breaks Out? - July 25, 2010

2010-07-25T02:23:00.000+08:00

Hi guys! I've been observing Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock Exchange for the past month (kindly check here for my last post about it). Now, the ascending triangle formation in its stock chart has broken out (indicated by the red circle) as its price passed above the 7.20 peso resistance two trading sessions ago. For those who do not know, this company is involved in trading refined petroleum, lubricants and other chemical products in the southern part of the Philippines. They also have service stations which cater to commercial vehicles in certain provinces. Anyway, getting back to the breakout, the next resistance Phoenix Petroleum could encounter is 8.00 pesos. Upon further breaching above level, the next resistance could be 8.70 pesos. On the downside, the triangle's resistance at 7.20 pesos could now act as the immediate support for this Philippine based company. In case the price further drops below the 7.20 marker, the next support could be the 18-month uptrend.

PSEi Breaks Out of the Channel - July 14, 2010

2010-07-14T02:19:00.000+08:00

Hi guys, for those who follow the chart of the Philippine Stock Exchange Index (PSEi), here's an update as a follow up to my last post about it (kindly see it here). Right now, the chart is in a bullish mode and it's really hard to tell until when it would be. But as we could see, the value has just broken above the ascending channel's resistance (indicated by the red circle). Thus, creating a higher possibility of the index to head north towards the next resistance at 3,514.74. In case it clears the 3,514.74 marker, the next resistance could be 3,667.74. As always, there will always be the downside since we will never know what could happen to the market the next day. In case the index drops, the immediate significant support is the uptrend. If it breaches below that level, the ascending channel's support could hold on to the PSEi from a further slip.

PSEi Weekend Wrap-Up - July 11, 2010

2010-07-11T02:17:00.000+08:00

The Philippine Stock Exchange Index was pushed higher last week as the US markets rebounded from the 5% decline 2 weeks ago. During my last post on the PSEi (kindly check here), its chart has been setting up to fully break above the 3,333.26 resistance and during last Thursday's trading session, it was able to. The value could now be headed to the ascending channel's resistance. If it moves past above that, the next resistance it could encounter is 3,514.74. In case this index downturns, the uptrend could serve as the major support. Once the value further slides and drops below the uptrend, the next marker could be the ascending channel's support. It is clearly seen that the uptrend remains intact in the chart shown. As long as the Philippine Stock Exchange Index continues to move this way, it could keep on edging higher.

Philippine Stock Exchange Index: PSEI – July 2, 2010

2010-07-02T02:12:00.001+08:00

Here's my weekend wrap-up of the Philippine Stock Exchange Index (PSEi) to supplement my previous post about it (kindly click here to see it). Despite the drop of the Dow Jones Industrial Average (^DJI), Nasdaq Composite and the S&P 500, the PSEi defied all odds by maintaining its uptrend and that can be seen in the chart provided. Well of course it dropped a bit as a reaction to the more than 5% decline of the ^DJI for the past few days but still, the PSEi didn't follow the drastic downswings of that US benchmark. At the same time, there is no head and shoulders breakdown or merely no head and shoulders setup at all in the current PSEi chart as far as my eyes could see unlike in the 3 US stock indices I mentioned (kindly click here to see the setups: 1...2...3...).

In the chart of the Philippine Stock Exchange Index, the price is currently moving within the uptrend and the 3,360.00-3,380.00 resistance levels. As a result, if it continues to do so, the price will no longer have space to move further unless it breaks above the 3,360.00-3,380.00 resistance or break down from the uptrend. If the current resistance gets cleared out, 3,667.74 could be the next price mark. On the downside, if the uptrend gets broken, the next support could be 3,219.46. Like what I always say about uptrends, as long as the uptrend remains intact I'd stay along side with the bulls.

Philippine Stock Exchange Index: PSEi - June 22, 2010

2010-06-22T02:11:00.001+08:00

The Philippine Stock Exchange index (PSEi) has been testing it's 2-year resistance for the past few months. From my previous post, the PSEi looked to have broken above that resistance but then, it went back in. However, a break above 3,300 would be more convincing for the index to continue its ascend all the way to the 3,514.74 resistance. Once 3,514.74 is cleared out, the next resistance could be 3,667.74. As of now, the support is at 3,219.46. If the value drops below the 3,219.46 price mark, the uptrend could serve as the next support. But as long as the uptrend remains intact, I'd bet on the upside.

Philippine Stocks: PNX (Phoenix Petroleum Philippines, Inc.) - June 18, 2010

2010-06-18T23:53:00.001+08:00

Phoenix Petroleum Philippines, Inc. or PNX in the Philippine Stock Exchange is involved in trading refined petroleum, lubricants and other chemical products in the southern part of the Philippines. They also have service stations which cater to commercial vehicles in those provinces. Anyway, the shares of Phoenix have been moving sideways since at the start of 2010. Notice that during the course of this time, it has been setting up an ascending triangle formation. We could also see a diminishing volume from where the possible triangle has started to form. Since PNX is coming off an uptrend, breaking out to the upside has a higher possibility than breaking down from the said formation. If it breaks above the triangle’s resistance line, Php 8.00 should be an easy target to reach. On the flip side, if it retreats, it could slide back towards the triangle’s support. And if that support doesn’t hold, the Php 5.80 mark probably would at least in the short term.

Philippine Stocks: FLI (Filinvest Land, Inc.) – June 17, 2010

2010-06-16T00:06:00.000+08:00

The stock chart of Filinvest Land, Inc. or FLI in the Philippine stock exchange could be setting up a triangle formation after a year of moving sideways. In case youdo not know, Filinvest Land, Inc. is one of the leading residential poreperty developers in the Philippines. I also have several big developments in and around Asia. Anyway, I haven’t heard much news about this company but it looks to me that its stock chart could be telling a story. As you can see, the stocks has been consolidating withing an ascending triangle pattern. Once its shares move past the triangle’s resistance with heavy volume or past the 1.00-1.10 PHP mark, the 1.33 level could be hit. However, it could experience some heavy selling pressure at the psychological 1-peso mark. Hence, hurdling this mark would likely define its near term stand. If FLI fails to move upward and declines,it could slide back to the triangle’s support which is around the 0.80 peso area. If that still doesn’t hold, the 0.70 peso support probably would. But since the trinagle is coming off an uptrend, I’d say that it has a higher chance of breaking to the upside than down.

Philippine Stocks: COL (Citiseconline.com, Inc.) – June 11, 2010

2010-06-11T19:54:00.000+08:00

CitisecOnline.com, Inc. or COL as listed in the Philippine stock exchange is the biggest online stock brokerage company in the country and this will be my weekend Philippine stock pick. Wow, I just noticed that it has been 8 months since I last posted on this. Anyway, last April of 2009, Citiseconline stocks surged upward from 3.7 pesos to 12 pesos per share in a span of 7 months. After the run, the stocks started moving sideways up to now. Currently, there is a 10-month sideway trading range in the COL stock chart with the support at 9.8 pesos and resistance at 12 pesos and it’s really hard to tell up to how long the prices are going to move in that direction. Considering the stock price breaks above the 12 peso mark, the value could head all the way up to the next significant resistance at 15 pesos. Still, there’s always the downside, so if the stocks start declining and break below the the 9.8 peso support, 8.8 pesos could be the next target. At the same time, there’s a possible symmetrical triangle forming but the pattern still looks unclear. Your thoughts?

Philippine Stock Exchange Index: PSEI – June 6, 2010

2010-06-06T23:47:00.001+08:00

The PSEi (Philippine Stock Exchange Index) has broken above the 2-year resistance line at 3,333.26 during last Friday’s trading session. This break could propel the value of the index to the next resistance at 3,514.74. However, with the Dow Jones Industrial Average’s 3% decline during last Friday’s US session due to a weak employment number and a threat of a sovereign default by Hungary, I doubt that the PSEi could push higher tomorrow. In fact, I’m more convinced that the Philippine Stock Exchange Index would turn around and decline towards its uptrend’s support. If the uptrend line fails to hold, the index could slip to somewhere between 3,073.71 and 3093.88.