First Metro Securities

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.