PSEi Outlook for Feb. 6 – 10, 2012
The Philippine Stock Exchange Index (PSEi) has reached a new all time high before ending the week on a pullback. The index was able to break through 4800 to create a new high at 4822. What followed was probably a case of two steps forward, 1 step back as the PSEi ended the week at 4758.
Despite the volatile pullback, the current 6 month uptrend is still intact as it is pulling away from the moving averages. At the same time, the MACD lines are also tracking the uptrend while it oscillates upward. Overall, we still see the bullishness in the market.
Seeing that this is just the start of something big, we shouldn’t let numerous opportunities pass us by when there are many stocks getting ripe for the picking. We just need to choose those that fit our style.
Recommendation: Buy
Support: 4680
