Quo Vadis PSEi 2

The Stubborn Fibo 61.8 still stand tall, blocking any effort of the bull to pass thru it...

The Psei Bull seem losing early strength and the bears getting the upper hand as every trading days bell rang.

Smart money turned seller this week, to the tune of -₱1.6B, thus helping stock prices to come down.
MACD is also showing bearish mood and if everything will follow this trend the market will definitely test the 7100 territories or bad to worse the 6900/6800 territories before the month ends.

On the brighter side, volume of trades from last week is below average.

As par as I can deduce, most smart money are anxious who will be next driver of Philippine Economy, and just on a wait and see attitude... Few were bold enough to position this early March(+ ₱9B NFBS), I just hope they will continue this April. Another thing that hamper the smart money from coming back is the market high valuation (Stock valuations trading near highest level since August ).

I feel bearish this coming week and I hope the market prove me wrong again !

CAVEAT !!!