{"id":20424,"date":"2011-03-31T00:06:52","date_gmt":"2011-03-31T04:06:52","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=20424"},"modified":"2011-03-31T00:06:52","modified_gmt":"2011-03-31T04:06:52","slug":"psei-bulls-are-back","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2011\/03\/31\/psei-bulls-are-back\/","title":{"rendered":"PSEi Bulls Are Back!"},"content":{"rendered":"<p><a href=\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/03\/philippine-stock-exchange-composite-index-PCOMP-PSEi-March-31-2011.png\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter wp-image-8494 size-medium\" title=\"philippine stock exchange composite index PCOMP PSEi March 31, 2011\" src=\"http:\/\/www.laidtrades.com\/wp-content\/uploads\/2011\/03\/philippine-stock-exchange-composite-index-PCOMP-PSEi-March-31-2011-300x170.png\" alt=\"philippine stock exchange composite index, PCOMP, PSEI, phisix, philippine economy, ron acoba, stock market trading, descending channel\" width=\"300\" height=\"170\" \/><\/a><\/p>\n<p>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.&nbsp;<\/p>\n<p>You see, the index had been trading within a descending channel since  November of last year as I&rsquo;ve pointed out in my recent post just the  other day (please see it <a href=\"http:\/\/www.laidtrades.com\/2011\/03\/29\/psei-crucial-resistances-ahead\/\">here<\/a>).  At that time, the index was facing technical resistances at the  descending channel&rsquo;s resistance line and at the 4,000.00 price level. So  for the index to resume its upward move which was non-existent for like  5 months already, it needed to free itself from the the channel and  move past 4,000.00.<\/p>\n<p>In one sweet move earlier today, it did just that when it broke out  from the descending channel and pushed itself to close at 4,023.74.  Given today&rsquo;s long green bullish candle indicates some optimism in the  market. With the MACD just turning positive and moving above the  zero-line, things could indeed look pretty for the PSEi. So if the  buying interest in the market could be sustained, the index could aim  for 4,200.00. Once it clears that level, 4,400.00 could be its next  target.<\/p>\n<p>Note: The broad-based buying in the heavyweights Philippine Long  Distance Company (PLDT) or TEL, JG Summit Holdings (JGS), and Globe  Telecom, Inc. helped pushed the entire market higher. <\/p>\n<p>More on <a href=\"http:\/\/www.laidtrades.com\/\">LaidTrades.com<\/a> &#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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.&nbsp; You &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2011\/03\/31\/psei-bulls-are-back\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;PSEi Bulls Are Back!&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-20424","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20424","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=20424"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/20424\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=20424"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=20424"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=20424"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}