The market pulled back anew but has managed to stay above 6,800.
Based on its price action, the PSEI could easily visit the 6,700 level again amid the lack of buying pressure.
Another volatile session might prevail, as market participants monitor the main gauge’s move back to the 7,000 mark.
Investors might want to wait a little further before reentering when the index already stabilizes.
Investors might debate on the local central bank’s next policy move, as the market fully digests higher inflation print for January.
Unable to keep its head above the 7,000 line, participants will monitor continuity of supply pressure before moving within good trading windows in key index shares.
Should the stocks rally in the following trading days, this could be a good time to
The 6,800 level proved to be a support area last week as the market managed to bounce from said level and closed the week at above 7,000.
Market participants might check if the recent selling would continue, or whether buyers would seize on this buying window to reposition.
Sessions may continue to rally, which would come from the anticipated Fed’s 25bps rate hike.
Buying might be seen, as fund managers seize on yesterday’s drop to position in key stocks.
Volatile sessions may continue, as participants weigh-in expectation from the Fed’s meeting this week, on top of month-end portfolio rebalancing.
It continues to post higher lows overall, cementing its upward trend channel and boosting hopes for a positive mid-term outlook.
Expect volatility to continue, with the month-end portfolio closing & prelude to the Fed’s policy meeting this week.
While the PSEi broke its five-week winning streak, the recent pullbacks remain to be shallow, further signaling that the bulls are in control.
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