PSEi Analysis
Range Trade/Sideways
This week, we saw the index attempting once again to breach the 8,000 level but failed, managing only to register a high of 7,994 on Thursday. closing this week at 7,885.90, low by -3.43pts by last week closed by 7,889.33, with the Net Foreign Sell of -779.532M which is higher than last week foreign sell of -152.368M. Foreigners were net sellers for a 2nd straight week, net selling P862M worth of PH stocks. This implies further sideways movement for the weeks to come, unless either support (7,700) or resistance (8,000) breaks. Range trade the index for now, as there is no apparent reason for the index to breakout or breakdown anytime soon. Just keep in mind that August is just around the corner, so a little caution must be exercised (especially when trading index stocks) since August is historically one of the worst months of the year for the PSEi.
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| credits to investagrams Charting Application |
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