PSE Market Outlook (12 Jan 2023) by 2TradeAsia
Overall, the main tide would center on inflation data in the US, which is seen to slow following prior months’ advance.
PSE Market Outlook reports summarize our partner brokers’ analysis of the expected short-term movement of the Philippine Stock Exchange index (PSEi). This report primarily relies on Technical Analysis and may be useful to short-term or day traders.
Overall, the main tide would center on inflation data in the US, which is seen to slow following prior months’ advance.
As expected, the local bourse pulled back after once again teasing the 6,800.00 resistance—which further
Sessions may gyrate, as participants balance the prospects for improved business resumption that would support growth, against
Indicators are still slightly bullish, but the buying pressure is losing daylight.
However, the 6,800 level once again acted as a resistance with the market quickly pulling back to the 6,600 level.
Yet, with inflation still on the radar screen, expect some to seize on intra-day strength to
Technical breathers are seen, given the run-up since the start of trading for 2023.
Momentum continuity is seen, as investors take hope on the Fed’s consideration for gradual policy tightening to balance risks to economic growth.
One thing that the index has going for itself is that the consolidation has managed to
Attention is set whether the PSEi would continue its advance, riding on improved business resumption for 1Q23.
The local bourse closed flat at 6,566.39 last week.
After the retest on the 100-day MA / 6,400 level, the PSEi quickly rebounded and is now settling above the 200-day MA.
Expect volatile sessions to start 2023 as investors digest lead headlines that transpired during the extended New Year break.
Expect volatility as participants go on light trading mode for the final trading sessions of 2022.
Volatile sessions are seen, as players weigh on corporate earnings growth prospects in 2023, against the backdrop of monetary policy tightening.
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