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US: Dow Jones: Recommendaton: Support: Resistance
US: Dow Jones: Recommendaton: Support: Resistance
Philippines: PSEi
Recommendaton: Sell into a rally (possible range trade)
Support: 7,500-7,200 Resistance: 7,800 – 8,070
• The PSEi fnished the week unchanged afer collapsing in
the early days of trading.
• 7,800 now becomes the frst level of resistance, as this was
the previous level of support.
• Next support level is seen at 7,500 to 7,400 based on Fibo
retracement estmates.
• Its downtrend remains and now drives us to wait for a
basing patern that can then weave into a B-wave recovery
• Although a possible early buy may be atempted, it may be
beter to run this through a two (or three) step buying
program (for a range trade) during its retest atempts
Tech Spotlight --- Page 3
PLDT-US (PHI)
Recommendaton: Sell into a rally or range trade
Support: 26.00 – 25.50 Resistance: 28.00 – 29.00
• PLDT-US showed some strength this week, as prices rallied
$1.50 closing at 27.59.
• Prices contnue to create a large downtrend channel. Expect
resistance to be seen near the range high at 28.00.
• We maintain a sell or lighten recommendaton into rallies
given it stll presents a declining trend; there is an opton to
range trade the reactve channel but do so only with
guarded acton
• Adjusted support estmates place its next demand zones at
$26.00 - $25.50.