First Metro Securities

The 6,400 level proved to be a strong support as the PSEi bounced back from the said level last week.

After the market failed to break above the 200-day MA, the market retested and briefly traded below

The PSEi rebounded last week, however, value turnover averaged only at P3.8bn.

The market traded in a tight range last week, however, the PSEi still closed below the 200-day MA.

The market traded in a tight range last week, however, the PSEi still closed below the 200-day MA.

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.