First Metro Securities

As expected, after the market broke below the 100-day/200-day MA, the market retested (and briefly broke below) the 6,400 level.

The bears continued to dominate last week with the PSEi closing below 6,600 anew.

The PSEi closed below the 6,600 level earlier last week, forming a lower low.

The PSEi closed below the 6,700 level, forming a lower low.

The PSEi has ended in the red w-o-w for the third straight week and closed below its support level of 6,800.

The market pulled back anew but has managed to stay above 6,800.

The 6,800 level proved to be a support area last week as the market managed to bounce from said level and closed the week at above 7,000.

While the PSEi broke its five-week winning streak, the recent pullbacks remain to be shallow, further signaling that the bulls are in control.

The PSEi rallied for the fifth straight week complemented by strong volume and net foreign buying.

The PSEi surged anew complemented by strong volume. The market is now heading towards

However, the 6,800 level once again acted as a resistance with the market quickly pulling back to the 6,600 level.

After the retest on the 100-day MA / 6,400 level, the PSEi quickly rebounded and is now settling above the 200-day MA.