Regina Capital Development Corporation

March starts with the bulls holding well in 6,600. MAs are still mixed with weak attempts to raise prices up above 6,600.

This week would be interesting to watch as the index has been forming doji candles for two days now which could mean either a consolidation or a big downside if price cannot still go above the MA 260.

As the market closed on Thursday due to a holiday announcement, the PSEI ended on a bearish run this week as it goes towards the middle of 6600 levels.

The local bourse traded flat, plunging by -0.09% or -6.18pts to 6,815.91 during the prior session as market participants played tug-of-war.

Peeking at the indicators, the RSI is pointing downwards, while the MACD sustained its

Should the stocks rally in the following trading days, this could be a good time to

Based on its price action, the PSEI could easily visit the 6,700 level again amid the lack of buying pressure.

Investors might want to wait a little further before reentering when the index already stabilizes.

Should the stocks rally in the following trading days, this could be a good time to

It continues to post higher lows overall, cementing its upward trend channel and boosting hopes for a positive mid-term outlook.

Note, however, that yesterday’s candlestick looks bearish.

Again, the index is still flirting with the overbought region, so we can’t consider this a correction just yet.