Not without a couple of blip pullback
With increasing momentum, the PSE Index have further its advances with a daily high at 8406 in the Friday morning session of October 6, 2017. Just to dwindle back towards an 8310 close for the week. With a wider trading range from the PSEI components, price pullback were widely expected as investor / traders have initiated profit taking activity from the am rally that gradually faded during the pm trading session before the close.
With increasing momentum, the PSE Index have further its advances with a daily high at 8406 in the Friday morning session of October 6, 2017. Just to dwindle back towards an 8310 close for the week. With a wider trading range from the PSEI components, price pullback were widely expected as investor / traders have initiated profit taking activity from the am rally that gradually faded during the pm trading session before the close.
Comparative: [PSEI Mining / Oil & Holding]
With Mining & Oil taking most of the pie's share with a 2.62%, equivalent to a +356.96 net change closing at 13982.53 for the day. While Holding firms followed with a 0.99% increase at 8455.45 as compared with the rest of the sector index into negative territory. However, the PSEI still managed a +139 pts. on a week-to-week rise from the previous closing price at 8171.
Price action on the PSEI have gained record levels as it is now part of the 2nd compartmentalize phase of prices from the overall trend direction. Although, expectation of incremental prices would rise in a steady pace with session pull backs moving forward, but well within the first two weeks of October.
The recent breakout above the 8150 levels were tested twice while continuous bargain hunting from PH institutional are simply picking up the slack from foreign outflows. Which we have not discounted, that serve as a basis of averaging long positions from most price corrective declines.
Price action on the PSEI have gained record levels as it is now part of the 2nd compartmentalize phase of prices from the overall trend direction. Although, expectation of incremental prices would rise in a steady pace with session pull backs moving forward, but well within the first two weeks of October.
The recent breakout above the 8150 levels were tested twice while continuous bargain hunting from PH institutional are simply picking up the slack from foreign outflows. Which we have not discounted, that serve as a basis of averaging long positions from most price corrective declines.
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