PSEi - Technical Analysis August 29, 2024
Using a 5-year chart, MACD and RSI. The PSE Index has been on a downward trend since its peak at 9,000;level. At the same time, it has a solid support at 6,000 and a rising trendline since the pandemic. The two trend lines converged in June, and it seems to have made a move above the downtrend. Will it break the downtrend and finally push through the strong resistance at 7,000 level after three attempts? If so, next resistance would be around 7,300, then 8,000. If not, it could continue ranging between 6,000 to 7,000. My bias? The rising trend line will hold. Catalysts are the impending rate cuts. Downsides are black swan events and geopolitical risks, which would reset this analysis. (Chart from Investagrams)