StockWatch (Oct 05-09, 2009) :PSEi

PSEi (Chart: Daily Resistance: 2905/2960 Support: 2767/2721)

The recent flooding did affect the start of the trading week, but not as much as I expected as there was low value turnover on the downward movement of the index.

The index is still moving sideways within the range of 2767 and 2905. It has been moving sideways for 2 months now and there is still no good indication of any strength in the market. This quite builds up some level of anxiety as it is still unclear where the market will go. In my opinion, I’d rather watch from the sidelines how the market would progress. I’d get inside the market only if the index is able to move above the resistance line from March