For the week starting July 11, 2011, it seems that the Philippine Stock Exchange Composite Index (PCOMP) or the PSEi, could trade sideways with a little downside bias before it inches higher again.
The PSEi had a great time last week when it finally broke out of the 4,300 cage and established a new all time high. Though, after reaching a high of 4,464.23 , the index slipped back a bit. A bearish divergence relating the highs from the start of May and the recent all-time mark to its RSI suggests some technical weakness. Given this, the index could trade flat for a while with a little downside. Still, with its recent break out from a broadening triangle pattern, the PSEi could eventually bounce back to reach its minimum upside target of about 4,550.00.
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