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.