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The Philippine Stock Index (PSEi) rose 212.47 points or 2.96% last week to close last week. at 7,399.18 on Friday
"Chartwise, the week's close at 7,399,18 signals consolidation.The current rebound is probably not sustainable and remains vulnerable to another attempt below 7,000 levels, "said BDO group president Jonathan Ravelas,
.The trade war between the United States and China and ever-increasing inflation
Immediate support and resistance levels are of 7,000 and 7,500 respectively.
The peso has weakened for the sixth consecutive week last week.Ravelas said that last week, the Trump administration proceeded with plans to impose US rights over $ 200 billion more than expected Chinese products.
"Chartwise, closing the week at 53.51 highlights the strong trend of the dollar. Continue to expect the currency to be between 53.35 and 53.65 in the short term, "he said.
Christopher Mangun, head of research at Eagle Equities, said the month of July was more promising. If the index continues with its current momentum, it says that the trade gap between 7,400 and 7,500 could be filled in the following weeks.
Based on the technicals, the immediate support is at 7,340 and the next resistance is at 7,500, said Mangun.
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