PSEi (Chart: Daily Resistance: 4235 Support: 4049/3953)
The index encountered resistance upon reaching the previous high of 4221 and have started to move south again. As of current, the 65 day MA is supporting the index, but if this does not hold, the next support would be at 4049, then at 3953 which is the previous low. One thing to observe for the coming week is the possibility of an inverted head-and-shoulder formation if the support at 4049 holds and the index started moving north again. The neck line of the formation is at 4235, a break above that with large value turnover may propel the index to new high at 4500.
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