StockWatch (Nov 23-27, 2009): PSEi

PSEi( Chart: Daily Resistance: 3083 Support: 3000/2970)

The index plunged further on the first trading day for last week, but it was able to recoup its losses by Wed and Thurs. The index is unable to move further beyond the previous high which suggests weakness in the index. Also looking at the RSI, there is a bearish divergence formed, with the index moving higher but the RSI is having a lower peak, so expect the index to move down to sideways again for this week. It is possible that the index may be ranging between 3083 and 2970. If support at 2970 holds, then this would probably be an opportunity to range trade some stocks.