07
Jul 2022Market Outlook: 2TradeAsia (7 Jul 2022)
Eyes are set if the PSEi would move above 6,500, with bargain hunters on the lookout for fresh incentives.
Eyes are set if the PSEi would move above 6,500, with bargain hunters on the lookout for fresh incentives.
All this put together, we think the index could potentially challenge the 6.4k resistance within this week, but there likely would not be
Attempts to score higher might be seen, as participants see June’s inflation data already factored into market prices.
Light trades may continue, as participants check for other leads in the region given the US Independence day holiday.
Despite the index trading significantly below all its major moving averages, it looks like there is still more room for a downturn.
Another flattish to volatile session might continue this week, as investors heed for latest inflation data for June.
The 6,400 level proved to be a resistance last week after the PSEi failed to sustain its oversold rally.
Local shares were sold down again on Thursday, making it the second straight day that the PSEi was in the red.
Local shares were bought up during the second half of yesterday's session, driving the index to close at 6,345.41 (+1.71%)
Having made its ascent in yesterday’s trades, eyes are set whether renewed buying would continue Wednesday.