By: Marvin Germo | October 23, 2017

The PSEi falls as it still has failed to close above 8,500

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.

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