After hitting a snag for several months now, it appears that the Philippine Stock Exchange Composite Index (PCOMP) or the PSEi has found its winning shape again. Presently, things looks more upbeat now, at least from the technical point of view, for the Philippine economy as it is represented by the local equities index.
The past 3 months weren’t particularly well for the Philippine Stock Exchange Composite Index despite all the positive hype that the Philippine economy has been getting as of late. The PCOMP or PSEi, being a leading barometer of the Philippine economy, has been telling a different story.
Philippine Stock Exchange Composite Index (PSEi) Clings To The 200-Day Moving Average
Philippine Stock Exchange Composite Index (PSEi): Uptrend Still Intact
The Philippine Stock Exchange Composite Index (PSEi), which is composed of thirty listed companies, bounced at the at the 3,881.34 level last Monday after a 5% drop a week ago due to China’s inflation concerns. In the process, it could have formed a falling wedge pattern inside the 2-year ascending channel.
Dow Jones Industrial Average Breakdown – July 4, 2010
Here’s a weekend wrap-up of the Dow Jones Industrial Average (^DJI). The ^DJI has broken down from the neckline of the head and shoulders formation (indicated by the red circle), following the same fate of the Nasdaq Composite (kindly click here to see it) and the S&P 500 (kindly click here to see it). Its value could now decline to the 9,378.77 support.