23 Dec 2019 / by Regina Capital Development Corporation
FREE PSE Stock Market Outlook (23 Dec 2019)
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Our Partner Broker’s Analysis and Opinion
|Opinion Issued on||Support||Resistance|
|23 Dec 2019||7609.61 / 7545.52||7819.22 / 7882.60|
The PSE index threatened to wipe out its year-to-date (YTD) gains last Friday, having dropped to as low as 7,469.41 but was still able to soar by more than 100 points by market close. As such, the PSEi gained 119.18 points (+1.56%), settling higher at 7,773.12.
Only the Industrials (-1.38%) closed in the red while the Holdings (+2.57%), Financials (+1.72%), and Mining/Oil (+1.36%) led the gainers.
Despite the sudden uptick, indicators remained mostly on the selling side and both the RSI and DMIs are still gaining momentum. The MACD, on the other hand, is neutral.
Summary of Technical Indicators:
- MACD – Neutral
- DMI – Increasing selling pressure
- RSI – On selling territories with upward bias
Our Partner Broker’s Recommendation
Buy on pullbacks.
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