StockWatch (Sep 28-Oct 02, 2009): PSEi

PSEi (Chart: Daily Resistance: 2910 Support: 2767/2691)

The index is still not in a good condition. There was no follow through on the upward move last Wed, and it seems that the resistance line is holding. Not until after the index is able to move above the resistance line that we could say that that index is in a good position.

For the coming week, watch out for the support line at 2767. I’m not sure how the recent flooding would affect the market, but I could definitely guess that it would not be a good start for the market. Also watch out if the index moves below the 65 day MA at around 2691.