PSE Market Outlook (11 Apr 2023) by 2TradeAsia
Sessions might trend higher, as participants cheer slower inflation for March (7.6% vs. Feb.âs 8.6%).
PSE Market Outlook reports summarize our partner brokersâ 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.
Sessions might trend higher, as participants cheer slower inflation for March (7.6% vs. Feb.âs 8.6%).
The market traded in a tight range last week, however, the PSEi still closed below the 200-day MA.
Tight trading sessions are seen, as several investors prepare for the Lenten break.
Volatile sessions are seen, as market players weigh the unexpected production cut from OPEC+ against inflationary pressures and
Another tight session is seen, as participants check on improvements in participation during the weekâs quarter-end closing.
After hitting its support, the PSEI has moved higher this past week where it went past MA 260 and now trying to take over 6,636 which is its next resistance.
Buyers might resume to take position in equities, with the Fed & local central bankâs 25bps rate hike already built-in into share prices.
After topping out at its SMA 260, the PSEi appears to be heading downwards but with indicators being a little bit better as compared to last month.
Trades may stay range-bound, as market players check on momentum improvement, after the FOMC & BSPâs move to raise benchmark rates by an expected 25bps.
Light sessions are seen, as participants balance Fed chair Powellâs remarks on future interest rate increases & issues weighing on the US financial system.
Sequel rallies are seen, as sentiment glides with US equitiesâ rise.
Sessions might score on the plus-side, on assurances over the local financial systemâs stable capitalization.
Expect volatility for most part of the week, ahead of the FOMC & the local central bankâs policy meeting.
As expected, after the market broke below the 100-day/200-day MA, the market retested (and briefly broke below) the 6,400 level.
Today would be a critical day for bulls as we will be seeing if prices can hold these levels for a chance to continue on next week or will we see a massive drop
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