The PSEi (Philippine Stock Exchange Index) has broken above the 2-year resistance line at 3,333.26 during last Friday’s trading session (to compare the analysis from my last post, click here). 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.
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