The PSEi closes lower again in direct reaction to it failing to break past and stay above the 8,500 target. As of October 23, 2017 the PSEi closed at 8,348.32, this is down-72.63 (-0.86%) from the previous close. The value turnover is quite low at 5.36 Billion Pesos, this is pretty much below average and as what I always say in our Stock Smarts programs, for a market to go up, value turnover must be high.
The upward trend though is still intact(I mentioned about the PSEi’s upward move here) but with the failure to break past 8,500, we are still set to retrace to 8,300 levels still.
For this post, I am sharing, last week’s Bloomberg Philippines interview and market update to give you a broader understanding of what is currently happening in the markets. You have to remember that markets cannot stay up forever and investors will have to take profits as well. Just a headsup also, currently SMPH is below our 37 short term support level and GTCAP is also below its 1,200 support level. Expect a downward movement in those stocks should they continue to stay below the support that we have mentioned.
Catch me in my live training events! (quick plug)
The heart of why I do this seminars is I want to build a generation of Filipinos with the right foundation in stock investing. I want to bring smart investing to every Filipino around the world! If you would like to know more on how you could time the market checkout the trainings below.
Stock Smarts Malaysia — November 4 – November 5, 2017
Stock Smarts Sydney, Australia — November 11 – November 12, 2017
Stock Smarts Qatar — November 16 – November 19, 2017
Stock Smarts Singapore — November 25 – November 26, 2017
Stock Smarts Manila — December 2, 3, 9, 10 & 16 , 2017
Stock Smarts Taiwan — December 21 – December 22, 2017
Stock Smarts Cagayan De Oro — January 13 – January 14, 2018
Stock Smarts London, United Kingdom — January 26 – 28, 2018