For the fourth straight week, the Philippine Stock Exchange Index still remains unable to break the immediate resistance at 4,200 with conviction.
While the index attempted several times to take out this resistance, it was met with heavy selling, and to close out this week, the market fell by almost 2 percent. At this point, it appears that the index is headed towards the key 4,000 support level, which was briefly breached last November 30.
The outgoing week also produced several breakouts, none of which have successfully made a follow-through move, indicating that the market is still on a selling mode, getting out from ipits on any opportunities that may arise.
CLOUD, or IP Converge, also debuted this week catastrophically, not once trading higher than its IPO price. Which was probably dragged down by the under-performing mother company, IPVG.
This week has been a crazy one, now, let's see if next week's trading goes even wilder.
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